American Advisors Group (AAG)

American Advisors Group (AAG) Reviews

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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.

Pros & Cons

Pros
  • Free online loan calculator
  • Multiple payout options
  • Access up to $4 million in equity
Cons
  • Fees can add up quickly
  • Not available in New York and Nevada

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Lubbock, TX

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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Grand Blanc, MI

... 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

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 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 New York and Nevada.

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

Stars Rating

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    Page 1 Reviews 0 - 10
    Customer ServiceStaffLoan ProcessRates

    Reviewed May 24, 2024

    Beware of AAG!!! Curtis ** was our representative, very unprofessional, lies and does what is best for him NOT YOU!!! AAG lied about funds we never received and his manager Mark is no better to help resolve this matter!!! I was told by Curtis ** that we would receive 84K which never happened? Curtis ** told us AAG would take care of our property taxes and property insurance!!! It was also a lie!!! All he did was take the 84K he promised us from the new loan and put it into the new loan which of course raised our loan amount owed!!! I told him I wanted to stay with my fixed rate on the new loan and Curtis started pushing very hard for the adjustable rate??? He still wound up putting the loan under an adjustable why???

    Curtis lies and makes a lot of false promises to get you to sign the loan and then he is done with you!!! When I called him about this matter and asked why were we not receiving the 84K and put the loan in a adjustable, HIS RESPONSE WAS SORRY BUD!!! Very unprofessional!!! That is all Curtis had to say? Curtis was done and on to the next victim!!! Curtis and AAG SCAMMED US!!! I did call back and spoke with his manager Mark and that was just as bad as Curtis was. He lied and tried to smooth talk everything Curtis did! He stated AAG had to put 6K into the loan to make it work? MORE LIES!!!

    He quickly changed the subject about the 84K and made a statement that he would call us in a year and a half when interest rates are better? Never once tried to offer any type of help to correct the lies Curtis Culpepper told us!!! I never heard back from Mark??? With the way AAG scammed us it does not surprise me! AAG has left me and my wife in a very bad spot and AAG does not care about you or your loan! They are very sneaky and their promises are lies!!! I would recommend you to find a better reverse mortgage company!!!

    Verified purchase
    Staff

    Reviewed March 22, 2023

    I told the AAG rep I spoke to that I do not have a computer or a printer, so what I wanted are paper copies of things. He's been very good about sending those. However, over Christmas, it was hard to get things back and forth because of the holidays. But now, I'm on the second phase. I'm waiting for an envelope. Today they already did the assessment. He was very professional and looked all around. I told him the improvements. I asked him what entailed next, because I was wondering what the next steps are. He said he would file it by the end of the week. I wanted a paper copy and he got me a paper copy in the mail. It's moving along. The counselor was also professional.

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      Verified purchase
      Staff

      Reviewed March 11, 2023

      AAG's reps have been very helpful, knowledgeable and really forthcoming with the answers. My loan officer bends over backwards to help me understand everything and do what I need to do. I started on 27th of February and everything so far is moving along.

      Verified purchase
      Loan Process

      Reviewed March 8, 2023

      My experience with AAG has been nothing short of excellent. I'm perfectly happy with how things are going.

      Verified purchase
      StaffLoan Process

      Reviewed March 8, 2023

      The rep I worked with was very helpful. The process has also been very easy. I would recommend AAG.

      Verified purchase
      StaffLoan Process

      Reviewed March 7, 2023

      The representative that I spoke with was extremely knowledgeable. She educated me and helped me understand the process.

      Verified purchase
      Customer ServiceStaff

      Reviewed March 7, 2023

      John, the young man in New York, was very bluntly honest because he knew the bad taste in my mouth from a Wells Fargo experience. AAG is good. Had they not, I would have hung up a long time ago.

      Verified purchase
      StaffLoan Process

      Reviewed Feb. 28, 2023

      Everything went well, and I'm done with the process. American Advisors Group was proactive and did a good job. If you're gonna do a reverse mortgage, you have to understand you're investing money so that you solidify, in my case, a line of credit for when you're old. I paid money because I wanted to have the safety net of a line of credit in the future in case anything went bad.

      StaffLoan Process

      Reviewed Feb. 25, 2023

      Personable, professional interactions with prompt, accurate answers to questions made the whole experience pleasant. For us, dealing with a professed Christian eased any anxiety we had. Thank you for a great experience.

      Reviewed Feb. 22, 2023

      While the process took almost 60-days to complete from start-to-end, I was able to achieve my goal of eliminating my monthly mortgage P&I payments using an AAG Reverse Mortgage. Overall this was a very satisfactory result.

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      American Advisors Group (AAG) Company Information

      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