What is American Advisors Group (AAG)?
Established in 2004 by CEO Reza Jahangiri, AAG is the top retail reverse mortgage originator in the U.S. It was founded to help alleviate financial hardship faced by individuals approaching retirement age so that they can reach their financial and retirement goals. AAG also features innovative mortgage solutions to help you be more proactive with your finances.
AAG has one primary goal through its offerings: ensuring your retirement years are enjoyable and secure.
How Can AAG Help Your Retirement?
If you have a sizable amount of equity in your home, AAG has tools readily available to make it work for you. One key home equity option is a reverse mortgage loan, which will eliminate your monthly mortgage payments while potentially providing you with additional tax-free cash to increase your cash flow. You must continue to maintain your home, pay property taxes and homeowners insurance, and comply with loan terms.
How Does AAG Differ from Other Reverse Mortgage Lenders?
AAG’s portfolio of options is extensive compared to other reverse mortgage lenders. Furthermore, you’ll know you’re in good hands as it leads the industry in reverse mortgage closings and boasts thousands of exceptional reviews from past and current customers. Furthermore, you can find abundant resources on AAG’s website to educate yourself on reverse mortgages and decide if it’s the best fit for you.
What Does AAG Offer?
AAG features four unique solutions to help you retire better.
AAG’s reverse mortgage is an FHA-insured loan that lets you eliminate your monthly mortgage payment while accessing the cash you need to cover other vital expenses. Plus, you can remain in your home as long as you maintain the property and continue to make timely payments for homeowners insurance and property taxes, and comply with loan terms.
There are two types of refinance loans to choose from — the rate-and-term refinance or cash-out refinance. Both options involve swapping your current mortgage loan for a new one with different terms. In a rate-and-term refinance, you exchange your current loan for one with better terms (either one with a better term, interest rate or both to save you money over the life of your loan). In a cash-out refinance, you extract cash out of your home equity, money that you can put to work in a variety of ways, such as paying off bills, fixing up the home, or paying your child’s college tuition.
Home Purchase Loans
If you’re looking to sell your current home and buy a new one, AAG can lend a helping hand. The Home Equity Conversion Mortgage (HECM) for Purchase Loan (or Reverse for Purchase) is backed by the Federal Housing Administration (FHA). It allows homeowners who are at least 62 years of age to buy a new home without having to make monthly mortgage payments. The new homebuyer, however, is still required to maintain the home, pay property taxes and homeowners insurance, and otherwise comply with all loan terms. To complete the new home purchase, you simply combine your down payment with a HECM loan.
How Can You Be Eligible for AAG Products?
The eligibility criteria vary by the mortgage product you select.
- Reverse Mortgages: You must be 62 or older, own the home, and use it as your primary residence.
- Refinance Loans: It depends on if you’re considering a cash-out or rate-and-term refinance.
- Home Purchase Loans: These loan products are reserved for homebuyers 62 years or older who meet the HECM program’s financial requirements and can make an adequate down payment. You must also occupy the property within 60 days of closing and use it as your primary residence.
Is AAG a Reputable Company?
Yes! AAG is a proud member of the National Reverse Mortgage Lenders Association, accredited by the Better Business Bureau, and the nation’s top originator of HECMs. It also boasts over 4,500 exceptional reviews on Trustpilot and more than 12,500 five-star reviews on Experience.com. More than 9/10 clients are satisfied with AAG services, based on client satisfaction surveys as of Sept. 13, 2021.
What Are Customers Saying About AAG?
- “The team at AAG was there for me through the entire process. Kudos to everyone for a job well done!”—Norman K. (Experience.com review)
- “My loan officer was very caring and helped me as much as she could. She even reassured me when I was having doubts, and I knew I had a friend in her.”—Salomeh M. (Experience.com review)
- “All of my questions and concerns were addressed during the process. The team was amazing and made the process to completion as seamless as possible.”—Roger Y. (Trustpilot review)
- “Exceptional experience from application to funding, and the team always kept us in the loop. We didn’t encounter any glitches. For this reason, we would highly recommend AAG to anyone.”—Donald H. (Trustpilot review)
How to Get Started with AAG
You can get started with AAG by requesting a free information kit directly from the website. If you’d prefer to chat with a representative, call 800-820-8038 to discuss options that may be a good fit for your financial situation.