- Minimum credit score
- All states but New York and Nevada
- Reverse mortgage options
- HECM, HECM for purchase, jumbo reverse mortgage, single-purpose reverse mortgage, proprietary reverse mortgage and refinancing loans
American Advisors Group offers a variety of reverse mortgages to help meet customers where they are. The company provides a number of payout options, including a line of credit that can grow over time.
To make sure loan officers are fully equipped to help borrowers, the company has its own training department. It requires loan officers to take six weeks of comprehensive training before they can help customers. After the initial six weeks, training is ongoing. AAG loan officers only specialize in reverse mortgage loans rather than a wide range of complex mortgage products.
Full loan requirements are not available online; you’ll need to contact the company or start an application to get those. However, the company does state you’ll need to participate in reverse mortgage counseling and complete a financial assessment.
- Refinancing options
- Multiple payout options
- Loans up to $4 million
- Limited physical branch locations
- Not available in New York and Nevada
- High fees
Many chose American Advisors Group because it was easy to work with and had reasonable rates. “[The loan officer] 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,“ said a reviewer from Illinois. Others agree that the loan officers are quick to answer questions and make them feel comfortable through the process.
A couple of complaints are directed toward the slow speed of the underwriting department.