American Advisors Group (AAG)
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American Advisors Group (AAG)

 4.6/5 (424 ratings)
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American Advisors Group (AAG)

About American Advisors Group (AAG)

AAG offers several types of reverse mortgages, including FHA-backed home equity conversion mortgages (HECMs) and proprietary jumbo loans. AAG’s jumbo reverse mortgages allow homeowners to access up to $4 million in equity, which is well beyond the HECM limit at the time of publishing. AAG also offers HECM for Purchase loans, a type of reverse mortgage that helps you buy another home.

Overall Satisfaction Rating

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Pros

  • Free online loan calculator
  • Multiple payout options
  • Access up to $4 million in equity

Cons

  • Fees can add up quickly
  • Not available in Massachusetts

Bottom Line

AAG offers HECMs and jumbo reverse mortgages, plus other services to help people change houses. Its online loan calculator gives you an idea of your loan options without submitting personal contact information.

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Rated with 5 stars
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Every facet of my Reverse Mortgage Loan was handled with respect and professionalism. It was made simple and they made sure each step was understood… They want you to be sure you ...

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Rated with 5 stars
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... AAG stood by me all the way for getting me approved… They have all kinds of programs out there to help you. I did a thorough check of companies before I applied with AAG. Chec...

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What is AAG?

AAG is a lender offering a range of reverse mortgages for eligible borrowers, including HECMs, HECMs for Purchase and jumbo loans. It can also help you sell your home.

With AAG’s reverse mortgage calculator, you can enter details about your property and yourself for a quick, free loan estimate without giving any contact information. However, AAG’s reverse mortgage calculator estimates don’t include fees.

How does an AAG reverse mortgage work?

If you’re near retirement age, the application process for a reverse mortgage is similar to that of a traditional mortgage. A home appraisal is typically required, and you must get a financial assessment to make sure you can keep up with the loan terms. The lender then assesses your eligibility to keep up with payments for property taxes, insurance and other obligations. Failure to pay these auxiliary expenses could cause a default on a reverse mortgage.

The amount you can borrow usually depends on your age, your property’s value and your interest rate. There is a limit for the maximum amount you can get through a HECM, but jumbo reverse mortgages can exceed this limit. Most reverse mortgage borrowers must also complete financial counseling before getting their loans.

If you’re approved for an AAG reverse mortgage, you retain the title to the home, and you can choose how you wish to receive the funds:

  • A lump-sum payout allows you to draw 60% of accessible funds in the first year to pay off large expenses.
  • A growing line of credit can be tapped when needed for unexpected expenses. The unused principal grows over time, giving you access to more funds the longer it goes untouched.
  • Term or tenure reverse mortgages allow you to receive fixed monthly payments. Tenure loans provide payments for as long as you live in the home and comply with loan requirements (such as paying for repairs, homeowners insurance, etc.). Term loan borrowers select how long they would like to receive payments.
  • A reverse mortgage for purchase allows you to use the funds to buy another home with no monthly mortgage payments.

Interest accrues on the loan balance over time, along with any fees. The balance of your account is due when you move out of the home, pass away or otherwise violate the terms of your reverse mortgage.

AAG services

American Advisors Group offers a variety of services, including reverse mortgages and help with buying or selling your home.

AAG reverse mortgages
AAG provides several reverse mortgage options for different financial situations, including reverse for purchase loans. AAG’s reverse mortgages come with three payout options:
  • Lump-sum: With a lump-sum payout, you can draw 60% of your funds in the first year and get access to a large amount of cash to pay for significant expenses like medical bills or home improvement projects.
  • Growing line of credit: You can also tap into your home equity through a line of credit, which you can access as needed. The unused principal amount increases over time.
  • Term or tenure: You can get fixed monthly payments with a term or tenure reverse mortgage through AAG. A term reverse mortgage lets you select how long you’d like to get monthly payments. A tenure reverse mortgage lets you receive monthly payments as long as you live in your house.

An AAG home equity solutions specialist can help you determine which reverse mortgage loan option is best for you.

AAG Advantage jumbo reverse mortgage
Borrowers with high-value homes can access up to $4 million in equity with a jumbo reverse mortgage from AAG. Your age, the value of your home and your interest rate will determine your AAG Advantage jumbo reverse mortgage amount.

Like with a traditional reverse mortgage, AAG Advantage borrowers must complete financial counseling to apply for the loan. AAG Advantage loans also require a home appraisal, and jumbo borrowers must meet certain loan obligations, including paying property taxes, maintaining homeowners insurance and keeping the property in good repair.

AAG Residential Services
American Advisors Group Residential Services (AAGRS) helps older adults buy or sell a home. AAG brokers can help those who want to relocate, downsize or move closer to friends or family.

AAG reverse mortgage rates

AAG’s reverse mortgage rates depend on interest rate indexes and margin. The company offers both fixed and variable interest rates, but closing costs, origination fees, servicing fees and mortgage insurance may add to your costs. Regardless, you’ll have to talk with an AAG specialist to see the exact rate and fees of whichever loan option you choose.

American Advisors Group FAQ

What fees does AAG charge?
AAG charges interest, an origination fee, closing costs, servicing fees and mortgage insurance premiums when required by HUD. Fees roll into the balance of the loan, and AAG charges interest on your balance, which grows over time.
What is the AAG Foundation?
The AAG Foundation is a paid volunteer time-off program for full-time AAG employees. Through the program, employees get eight hours per year of paid service to AAG Foundation-approved activities.
Where are AAG loan options available?
AAG operates in every state except Massachusetts.
When was AAG founded?
AAG was founded in 2004.

Is AAG legit?

Yes, American Advisors Group provides several legitimate financial solutions that can make retirement easier, including a variety of reverse mortgages to help qualifying borrowers tap into the equity in their homes. Contact AAG to see which options you might qualify for and learn more about reverse mortgages.

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Rated with 4 stars
Verified Reviewer Verified Buyer
Original review: May 17, 2022

When I called AAG, I got a loan officer and I had a lot of questions. Right away, the next day, I received a packet from him that explained exactly what a reverse mortgage is. I’ve talked to him several times, and he has answered all my questions. My daughter had questions to ask and he has been wonderful to help us. Now that I’m in underwriting, there was a lady who called us and she has been wonderful. They’ve been there. They listened to me. They don’t try to just talk business and get off the phone.

The big thing though is on the appraisal on the house. I pretty much know the market value already but the rep had set up for an appraiser to come out. My son wanted to be there when that happens so if the guy has any questions, it’s easier for him to answer for me on my house. And I wouldn’t be comfortable anyway. But we went round and round, because my son works and he was to request time off. There was one reason after another why the appraiser couldn’t come. The dates didn’t work out. We called about five times but they didn't return my calls. Finally, the apparaiser's wife called me and said, “Okay, are we still on for Friday?” And that was Thursday. I said, “No. I’ve been trying to call you, you’re not returning our calls.” And she said, “Well, I didn’t get any message."

I complained to my loan officer and he said he'd talk to the appraiser. He was upset to what they did. He got this second guy right away, who called me Monday, last week. That was another week we had to wait. So, June 1st, they have agreed that my son will be available. He’s gonna take off half a day, and the appraiser is gonna be there. We’ll see how that works out.

Another upsetting thing is it was $600. My loan officer said that they’re totally separate. It was ridiculous, to come and check out the house for 30 minutes. My son was tremendously upset, not at just the first appraiser, but the second appraiser too, because he had put him off too. I asked the second person if I had to pay him again. He said no, that American Advisors Group would. I thought that was extremely overpriced.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: March 4, 2022

    So far, I've been pretty happy with AAG. The advisor that I've been in touch with has been very helpful. He's a talker, but he's helped us move through the program. But a couple of things could be a little better on some of their quality control stuff. For example, we were two weeks into the process and they sent me a large packet, probably 80 pages front and back, about some preliminary information about a contract and it was unreadable. It came through a Xerox machine with practically no ink in it and there was a streak. As a customer, you feel a little underappreciated that somebody would be willing to send that to you when it's obviously unreadable.

    So I called our advisor and told him about it. He said that he was sorry and that he couldn’t control what the office did. He had them send me another one, but I haven’t got the other one. Other than that, I've been to the counseling session and it was worth every penny of my $125. The fellow that did it for us was very slow and deliberate, answered every question that we had, and made sure that in every step of the line, we understood what he was saying. So after the call, both my wife and I felt like we had a much better understanding on what a reverse mortgage is as well as the strengths or weaknesses of it, and it was an excellent review.

    We’ve also learned some information in this process that was new to us. I researched reverse mortgages, even before I made the call to AAG, to review them and try to understand as much as I could about them. I still have more questions to ask, but that won't happen until I'm given an actual contract at some point down the road and I will be reviewing that. But I would make sure that people understood what this is and see if it's right for you. I would also tell people that some of the horror stories that they've heard about it, at least so far as I've learned, are just bad horror stories.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 28, 2021

    I've gone through the applications and the counseling session. American Advisors Group sent the information. They sent the three credit reports so I can see them. So, they have responded to what I’ve needed. It's a lot to do to make it happen, so a lot of details. I've sent them all the information that they need. Joe has called back and answered questions. He sent on UPS envelope for me to return everything. And I took that, had that mailed. So, it has been smooth so far.

    I'm waiting for AAG to set an appointment for house inspection. They have the pictures when I first had the first reverse mortgage, but it has been four years so they can't use those pictures. There’s not much change, but the house has a new roof. I understand they need to see the house, but I'm very concerned about COVID. So, I need to talk to whoever the inspector will be to see how we can manage that, whether we can do it through Zoom or how we can do it. I can take his or her camera myself. They can be here outside. And I take the pictures on their camera and give them the camera. Or I could do FaceTime with my own phone.

    I've had no one come in the house except once this summer to have the carpets cleaned. And that's how we all are. Everybody is so concerned about having anybody come in to our bubbles. I've talked to AAG. I've expressed that to Joe. He said, “Yes. We've noted that.” And he said, “Now, sometimes what they're doing is just in the driveway.” They're doing them outside like that or on the porches instead of coming into the house. I thought, “Let's figure out something about this inspection of the house.” That's where I am. But so far, I'm satisfied.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 21, 2021

    I've had discussions at length with the loan officer at AAG, Terry, and she's very knowledgeable, friendly and willing to help. She's got a very good customer service attitude and excellent to work with. She gave me the steps that we needed to go through to do a reverse mortgage. The first step was the counseling that’s required by federal statute. So, we did that on December 8th, which was a couple of weeks ago. I've received a call from Terry, which I have not yet returned. I was going to return that call this morning but we're not moving forward with doing anything until January, because both Terry and the counselor verified that we cannot close on a reverse mortgage until my husband, cosigner on the deed, reaches the age of 62, which is not going to happen until March 21st of next year.

    We weren't even going to file the application for the mortgage until January 21st. I remember the counselor telling us that we couldn't initiate anything farther out than 60 days before his 62nd birthday. I was going to call and tell Terry all of these this morning and remind her. Because we had talked about it. I told her that we were going to be careful in the timing of all of these so that we don't make any mistakes. We want to make sure that we can close on the loan between March 21st and 31st so that we don't have an April house payment. If I have concerns, I call. And if I can’t reach Terry right then, she calls right back. Or I can call the counselor at the company that provided the required counseling. Supposedly, we can get any additional questions that we have answered for the next six months. My experience this far has been very good. So, I would recommend AAG.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Nov. 2, 2021

    When I talked to the agent, Bonnie sounded a little bit more versed on what all was involved and the considerations that needed to be made before making a decision. One of the things that I missed, and I thought that I had everything covered, was the potential of what it could do for a person as far as if a spouse dies, it could add potentially as a life insurance policy. The other part of this was it could potentially protect against if real estate prices were to crash. Although I don't see that with the socio-economic demand for housing, but if it were to happen, then AAG could get that little extra benefit as well. The number one consideration is if we were to do it, then, we don't have to pay it back. But we didn't think about the benefit of it acting as a proxy life insurance policy or for the other thing I mentioned, which is the temporary devaluation of the home.

    I told her that I got to go to the doctor and that she should send me an email with her number on it, then I'll pick up the conversation when I’m free to talk. She followed up and gave us 7 to 10 days to discuss it. So, between those days, ‘cause we had quite a few things going on, she gave a time for me and my wife to walk through the advantages and disadvantages of doing it and whether it was a good fit for us. I didn't get the impression she was trying to meet a quota. I felt like that she was adequately explaining the product so that meant something as well.

    We're not completely through with the process. We paid cash for our house. Since we moved in, we’ve only been in here for months, we spent $50,000, so we got our fingers crossed that we will get an appraiser that is knowledgeable and understanding of the market that Bonnie and myself are in. The only thing that would blow it up is if a person would under appraise the house. I'm holding documentation that the house should appraise at around 400, 402, but appraising is subjective and everybody doesn't say everything the same way. If it did not come in around that figure, give or take a few 1,000, then that would make us rethink if we wanted to do this or not ‘cause we might lock in more money into the house. If we do that, then we would have too much value locked in for what could be loaned on the house. In other words, we wouldn’t wanna tap our money.

    About two years ago, I had a gentleman come up on the house that we lived in for 28 years and he tried to appraise it for $375,000. I told him he was crazy. I knew that he was faulty. I was trying to refinance to do another project on that home because it was a river home and it was capital intensive. Finally, I sold that for $790,000. If I would’ve bought in on that guy's appraisal that didn't know what he was doing, I would have potentially screwed myself out of $400,000. I told Bonnie I'm not gonna get negative on it because I can't control the appraiser. So, let's just see how everything shakes out and then we'll take it from there. I wouldn't consider it if I had children. But since we don't have, it gives us a little different angle on what we need.

    2 people found this review helpful
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: June 11, 2022

    I was talking to a person from AAG and we had a general conversation as if I was talking to a counselor. I was asking him different questions about different things and I asked how much it was gonna be and he answered as if he was just a counselor. So, when he got to the point and he said what was gonna be on my closing statement and started reading out the numbers, I knew I had been talking to the wrong person. With the type of questions that I would always ask him and he would say we would get to them later, I asked him if he realized that I did not know I was not talking to a counselor. And he said he noticed the type of questions that I was asking but he didn't know. I told him that I was already working with somebody and we’re supposed to be closing in July. I can't work with two people. So, I'm gonna have to cancel out their service today. He told me that if I don't work out with the other person, I can always come back.

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    Rated with 2 stars
    Verified Reviewer Verified Buyer
    Original review: June 10, 2022

    The AAG representative, although a relatively nice person, was overly aggressive and provided me with more information than I wanted at an early stage. He could have provided the information that I requested, not necessarily pushed everything at me at once. But he always answered if I called. Also, if I had confusion, he took care of it right away. He sent me plenty of information over the internet. He replied with charts, graphs, data and publicity literature. He did fine on data production and my ability to retain it.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: June 9, 2022

    It was very easy to get AAG the documents they needed. They're very professional and good too. Jeff, the rep I worked with, is the best. He's very thorough and he follows up, calls me back, checks on things, and lets me know everything's right. If I need to do something else, he keeps me updated.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: June 8, 2022

    I was in the mortgage business for 25 years, so I know how to do a mortgage and what goes on. We've just gotten started in the process with AAG, and everything has been fine. I've had to send them paperwork, and I had to schedule something that has to do about credit. The reps have been very helpful.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: June 7, 2022

    Todd seemed to be honest and upfront about everything and not holding anything back. He was a very good representative of AAG.

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    American Advisors Group (AAG) Company Information

    Social media:
    Company Name:
    American Advisors Group
    Company Type:
    Private
    Year Founded:
    2004
    Address:
    3800 W. Chapman Avenue
    City:
    Orange
    State/Province:
    CA
    Postal Code:
    92868
    Country:
    United States
    Website:
    www.aag.com

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