American Advisors Group (AAG)

American Advisors Group (AAG)

 4.7/5 (336 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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  • 1 stars

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.

Top American Advisors Group (AAG) Reviews

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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
Verified

... 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.

American Advisors Group (AAG) Reviews

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Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Dec. 9, 2022

My house is paid off and I have nobody to leave it to. I saw AAG on television regarding reverse mortgages. I figured I would use some of that equity to make some improvements to the house. Suzy was my rep and she has been extremely helpful in explaining things. She sent documents for me to read through. I was a contract negotiator before I retired so I can get past the mundaneness of a contract and how it works. Suzy has been very informative. I know exactly what I'm getting into and I have no qualms about it at this point.

Suzy is extremely upbeat and very available. I called her after reading whatever and then I’d call her for more clarification. She's extremely knowledgeable and has a good attitude. For my situation, she said it was a perfect one, which I already knew because I'd already thought about it. She also explained other alternatives and ways to do it. Suzy was able to put things out there and her comments didn't lean one way or another. I'm still good with the decision that I made initially.

You get a false sense from the communication in the commercials about how the exact process works. I came into it with AAG with a certain set of expectations. My expectation was that I was gonna get 80% of the value of my house but that's not the reality. Even though I was disappointed, I understood what was going on, how they came to that percentage, how they came up with the interest rates, and how the whole process works. If you pay back in and it goes to this and then you get additional funds through this process, you can claim more and you don't get it all at once. I asked why and they said it was because of this and this.

Suzy went into quite a bit of depth about the average person and maybe somebody that wasn't a businesswoman like I was years ago, and that somebody could be scammed. We went through a whole scenario of things. She made it very clear why things are the way they are. I was very satisfied with what she said, even though at the time I was expecting more. I was accepting of the answer that she gave me and I understood it.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Oct. 18, 2022

    Every time somebody calls me, they have me state my date of birth in full over the phone and I never know exactly who's calling me. They get my last for the Social. But since they're calling me, they already know my loan number, they can just say, "Can you reiterate your loan number," or mortgage number, and I would give that. That's enough because I'm not big on keep giving out my personal information to somebody that I don't know over the phone. I don't do my business online. A year from now, I could start to borrow more money than I got initially, which is great. But what I wanted to do is I need the booklet or information about how to send money into my account. I still don't have that. Because I don't bank online, I'm still waiting for that information. And I'm not going to go online and open up that line of credit account to find out because I'm not going to use that and I don't want my personal information online.

    Jamila was great. The HUD representative was fine. That was a phone interview. And there was a supervisor that was above Jamila that I talked to just a few times. The only thing that I would say American Advisors Group could do better, which the contractor said that they've told AAG a thousand times, is that if there's a set aside on a repair, then by all truth, they should tell the people the process of what has to happen.

    Because I've done three email sessions for the people in the repair section of the department to prove that I had the repairs done. They said they have 30 days, which they do by law, to have the documents sent to the loaner or the mortgage holder. But by then, I didn't know I had to wait for a form. I didn't know that I had to previously get the person that was a contractor pre-approved. So, after waiting two months to get my house painted, I got it painted, then I got the documents and found out that I should have done all this and that. And I had to call the painter who doesn't know me from Adam, a couple of times to get him to try to come back and fill out a form, which is a legal form about a lien. And he didn't even want to answer my calls after the third time because it's like stalking. I had already paid him, he didn't know why I kept calling him to come out.

    How that part of the process works should be in the initial packet of description. AAG is very descriptive. There are 71 pages that came out initially and I took the time to read them, but that's not in there. So, they should add it there about set-asides that's not in there so nothing is a surprise to the person. Because I could have done the work myself. There's a form for that. But that's not how the process works regardless because I still had to get the forms, whoever filled it in, whether it was the contractor that I hired or myself, and send that to AAG in those different formats, and wait for them to send the appraiser to come back out and look the work over.

    AAG is very good at all the paperwork that they send out and I got two copies of a lot of things, the 71-page booklet and something else. So, they aren't shy on printing things. So, add all the other things that they didn't add. And when the repair department called me to follow up with me, that wasn't as pleasant as an experience because the form should go out. As soon as you close alone, they should send out those booklets and forms so you know what you're dealing with. It could have been a repair person that came from out of state and there was no way in heaven they would sign a form that is a legal form. Until the third time I spoke to department of repair, I didn't know that the form was designed so the person in contract said they wouldn't sue and put a lien on my home. I thought it was just for me to prove that I did the repair. So, AAG should be more upfront with that.

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    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.

    2 people found this review helpful
    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 4 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 26, 2023

    AAG wanted me to do all kinds of stuff and send them all kinds of papers, Social Security information, and the house information, and whether or not it had insurance. There was a good list, and I thought, "Well, maybe this is the right person." Frank, the rep, was just gonna sit there at the desk and do nothing while I do all the work. That makes him pretty darn smart, so I stayed with him. Overall, AAG treated me very decently as an adult. There's been a bit of humor in there. I'm very satisfied with the experience.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 23, 2023

    The rep, Jay, gets back to me really fast, and we're almost done with process. We just need an appraisal. Everything's been good, and I'd recommend American Advisors Group.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 22, 2023

    The communication with AAG has been good and I'm supposed to get the guy to come over today to do an inspection.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 22, 2023

    They were good. I liked everything they did. Their rep treated me like I was a person and listened to what I had to say. Every question I had, they answered and just pretty much the way I wanted to hear.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 22, 2023

    My experience with them went pretty well.

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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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