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
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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I shut down on AAG quickly, but I'm going to reopen for more information because I want to see what the whole ballgame is with this reverse mortgage. I had a September 1st appointment set up to talk to Marybeth. I spoke with Mark, too. I was supposed to set up a time where these two groups of people could meet with me and my wife on the phone to go over the reverse mortgage. At that time, my wife wasn't in favor but after I discussed with her what it's all about, she agreed to go along with it.
The only thing is they're too quick to pass you on to somebody else to answer a question when they already know the answer themselves. Mark must get 10,000 phone calls a year in regards to reverse mortgages. He was friendly enough but did he help me? Not really. He just switched me to somebody else. The effort could be coordinated a lot better. I still have Marybeth's phone number somewhere, I've got AAG, and Mark's phone number.
My experience is a typical mortgage pursuit. It's no different than starting your first mortgage on your first purchase than it is to get a second mortgage or a reverse mortgage. It's the same ugly process. The federal government sticks their nose in it, and once their nose is in it, it's a free for all. I have friends that are asking me, “Well, what did you find out about it? What you find out? Did you get this?” All I say to them is, “I ain't got nothing. I'm lost.” I got other people that are waiting for what I can inform them about it because they don't have time to pursue it on the phone like I do. I could be helping several other people along with myself. But I'm gonna have to get a reverse mortgage. I just got to know what my total costing is and my total out-of-pocket cost is to get it started.
Working with AAG has been good. I've been talking with Andrew and he explained to me what was going on and had some people counsel me. It all sounds real good to me and I'm excited about getting started. He said he's gonna take me through the whole thing and that he will be with me every step of the way. Andrew treated me right. He was really courteous and real nice to me, so I'm thinking everything's gonna be all right. I would just like to get as much money from my house as I can.
Angel was the rep I started with and she has helped me all along. She answered questions, told me what to expect, and went over everything there is to it. She's very knowledgeable and very thorough. Also, she repeats things a lot, which is good, because you miss a lot of things in conversations. AAG is what I expect them to be.
I felt very comfortable with the gentleman from AAG that responded to us when we were shopping around. He was so helpful, patient, and didn't talk too fast. Also, the telephone interview with the person that we needed to counsel with was extremely helpful. AAG gives an overwhelming amount of information to consider before anyone does this. It was a good match for us and it continues to be because we live in California and our equity has improved enough. We're delighted that we can do a reverse mortgage again and take care of the things that we need to do around the home now.
They've all been really helpful and the guy we're working with is always upbeat and great. He said we can call him anytime we want and he's been very great in giving us information when we ask. I'd recommend AAG to anybody who was asking.
They're good people and they're trying to do right. I don't have much of an education. I got a third-grade education, but they sat down and they explained everything to me. If I would die, how long the house can sit empty, it can't sit empty for more than 12 months or they would take it. They were really good about that. I had questions and they answered. There was a guy on the phone and he was explaining a lot of it to me. I then had the closing, I'm just waiting on an appraisal before they give me my money. They were supposed to have somebody out here a week ago to appraise my house but they said they were all busy. I'm completely satisfied with AAG if they hurry up and get this appraiser out here.
The rep I worked with was great. I was comfortable with him. I was impressed with his attitude and the way he talks and explains everything to you. He acts like a friend. You feel like you know him already. AAG is a good company to go with.
The people that I've talked to over the phone seemed to be okay. But we had another person that came to the house to fill out some documents. Didn't seem to quite know what was going on and that was irritating. That could have gone a lot smoother, but we got to it.
The loan officer was a very lovely lady. She explained to me what a reverse mortgage was gonna be and that will be the solution for me, because the payments are higher than what I get. She took the time to explain things. Then I had the counseling in Spanish. With the lady that came to sign the papers, in Spanish too.
The rep from AAG whom I worked with was excellent, very friendly, knowledgeable, caring, just a great person in general from what I've talked to her on the phone, and the emails that we've been going back and forth with. Any questions I have, she answers me the same day, so I don't have to wait. During a process like this, definitely, the quicker the better, especially when they're willing to sit with you and talk to you about it, "This is what we're doing. This is the process". So, that helps out a lot. She's been knowledgeable with the different people like the counsel that we had to get in touch with for the counseling session before we started all of this. It's just wonderful.
American Advisors Group (AAG) Company Information
- Social media:
- Company Name:
- American Advisors Group
- Company Type:
- Year Founded:
- 3800 W. Chapman Avenue
- Postal Code:
- United States