American Advisors Group (AAG)

American Advisors Group (AAG)

 4.6/5 (413 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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  • Free online loan calculator
  • Multiple payout options
  • Access up to $4 million in equity


  • 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

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

... 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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Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: June 28, 2022

American Advisors Group took me from the beginning to the counseling service. I enjoyed the conversation with Tyler. He was full of things that I didn't know. He was an excellent teacher and easy to speak with. Listened when I spoke, promptly gave me back the information I was looking for, and was pleasant. I learned a lot of things about a mortgage and a reverse mortgage. The information was prudent to making a decision. And my final decision was I changed my mind. I don't want to do that. So, simply because after speaking with the counselor, I understood, even though I had many conversations with Tyler, there was a reason. I comprehended everything that he said, but it didn't lock in. We had so many conversations. It was coming so quickly.

But even with all the papers that I received, Carol, the counselor, gave me numbers for this and that. I had a moment over the holiday weekend to be quiet and go over everything. And I decided that the interest rate on the monies that I would get at the beginning of the 12-month period for so much money and the closing cost that I could pay at the end whenever I decided to close out the loan or sell my house, the benefits for me didn't outweigh me to just stay where I am.

At this moment, nobody receives what my condo association is talking about very well. So I don't know what's going to come of that, and I'll just have to play it ear by ear to see, but to pay interest on monies I'm borrowing and monies that are owed for a closing costs, and the loan itself at the end of whatever, or I could just not do anything and pay at the release of my home if I decided to sell it, or to be able to say, “Okay. I've got this to take care so I'm not going to pay anything on the AAG loan this month,” the interest is still piling up. And that bothered me because at the end of the day, they could have quite a bit of equity in my house.

I even spoke to somebody that does a bit of work with HUD. And she said, “It's a good program, but I don't know if this is for you. You need to stop and really look at that.” But AAG kept telling me, “Take your time and go over everything. And it's your decision to make.” They did explain it to me. I got a great education. I understand it completely now. I told Tyler that I'm holding on to all of the papers. And if there comes a point where I need this more than I don't, I will call him back again.

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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.

    2 people found this review helpful
    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.

    2 people found this review helpful
    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.

    2 people found this review helpful
    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.

    3 people found this review helpful
    Rated with 3 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 1, 2022

    My rep is Jay and he's really good. I really like him a lot. I'm at the point where I'm waiting for the appraisal. Right now, I'm annoyed. I'm looking for some documents that they can't live without and that they needed months ago. I've got everything torn apart in my office here. I'm going through boxes and boxes of documents trying to find something that will work for the underwriter.

    Everything has taken way too long. I did all the stuff I was supposed to do. They gave me the approval and everything was fine. We get everything that we need to have done. Aside from Jay, there's this other person named Jack and he had to go away for a while. We waited until he came back. In fact, we did the credit thing this morning. The guy was great.

    I work for a very large company, I'm Canadian and they took me from Canada and brought me to the US. I get income in both countries and this makes things more complicated. As an expat, both countries make agreements to make sure they keep the person whole. For me financially, this made me look really good because I am paid way more money to come to the US. I showed AAG bank statements as far back as I can go. I copied everything. The notary came, they took pages, and they took copies of all the stuff.

    Today, just when we're just about finished, they called and and asked if they could get all these stuff. I went, "That's not how it works in Canada. You can't just call up somebody and say, 'Hey, I need you to do it like the US. Do you mind? Do you mind just changing everything right now? Could you just do that for me?'" The guy at the head office in Ottawa said, "We could probably do that. It'll take us about two years." That is even though it clearly shows that the income comes every month and all that other kinds of stuff. Now, some underwriter somewhere said he's never seen that before and wanted to get a totally different document. That's why I am pissed beyond worse. They shouldn't have told me it was approved if it wasn't.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Aug. 25, 2022

    My loan officer was good, except that he wanted to do all the closing things on the internet. I'm 77 years old and I'm not real good on the computer. I was gonna try and get him to send somebody over to help me, like the lady who came and did all of our signing. She was a nice lady. I just need somebody that knows what's going on and familiar with their operation that can help me. But Frank was a good guy. He never got upset and I work well with him. Everything's worked out so far.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Aug. 24, 2022

    There was name recognition with AAG. I availed of their services and they're very competent and understanding. I had a situation in my life that was difficult and they were very supportive. They gave me all the information I needed and talked to me about it. I really appreciated that. They did an appraisal yesterday and all the conditions have been met. I'm close to closing. I highly recommend AAG.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Aug. 23, 2022

    My mom and I needed some cash and we decided to do a reverse mortgage together. There's the convenience of it. My plan is to pay every month just to try to keep the interest down on it. But if there's a month when it is tight and you can't, then you're not penalized. We did AAG and they have been very good. They're busy people and sometimes they can't get right back to me, but among the three that I'm dealing with, they're all very responsible and responsive. The rates were reasonably fair.

    I talked to them today and as far as my side of the spreadsheet, there's nothing left for me to do or that they need at this time. I assume they are just working on things and we will close when they get done. They pretty much said that the income is good, the credit is good, and the home is free of any issues. Everything looks fine. But until it's done, it's not done.

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: Aug. 22, 2022

    AAG has been understanding and they're letting me explain what I wanted to explain. They also explained things to me. Things have been pretty good. It's been a couple of weeks now. I had to get all my information together, my salaries, and my Social Security. I emailed all that out and they got back to me and said everything was good. They said they were going ahead with the appraisal. They had to get the appraisal here and that took two weeks. I got the paperwork on the appraisal yesterday in the mail. They just called me today and somebody's gonna come out, fix a couple of things, and we're gonna be on our way.

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    American Advisors Group (AAG) Company Information

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    Company Name:
    American Advisors Group
    Company Type:
    Year Founded:
    3800 W. Chapman Avenue
    Postal Code:
    United States