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American Advisors Group

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American Advisors Group (AAG) offers reverse mortgage, traditional mortgage, and residential services for buying and selling homes to provide senior homeowners access to home equity. The company was founded in 2004 in Orange County, California, is a member of the National Reverse Mortgage Lenders Association, and is the No. 1 HECM lender in the nation. AAG's nationwide mortgage licensing system (NMLS) number is 9392.

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The Good

  • Five Reverse Mortgage Options
  • Proprietary Reverse Mortgage
  • Loan Calculator
  • Consumer Education
  • Community Engagement

Five Reverse Mortgage Options

Every borrower is going to have a specific need for equity in their home. Whether it is for retirement, long-term care, or to compensate for a social security deficit in order to cover living costs, there is a mortgage loan for you.

As a mortgage lender, AAG provides five types of reverse mortgages for you to choose from:

  • Lump-Sum Payout is when you take proceeds in one lump sum. These funds can be used to pay off bills or used as retirement money.
  • Growing Line of Credit helps you establish a line of credit that you can use it when needed.
  • Jumbo Loan is for those who have a high-value home.
  • Term or Tenure is where the borrower will receive monthly payments to cover the costs of living expenses.
  • Reverse for Purchase allows you to put monthly payments toward a new home with the equity you already have in your current home. This option is best for those who are interested in downsizing or relocating.

Proprietary Reverse Mortgages

AAG is one of the few reverse mortgage lenders to have proprietary reverse mortgages. It is called the AAG Advantage Jumbo Loan designed specifically for homes with high-value equity. Your jumbo loan will work the same as other loans. The money you receive can help make payments toward doctor bills, retirement income, or go towards a new home. AAG offers two types of reverse mortgages for high-value homes: jumbo reverse mortgage and jumbo refinance loan.

The Housing and Urban Development has created certain limits when it comes to the amount a reverse mortgage can settle on. AAG decided to take the risk and can offer a higher payout to each borrower with a high-value home. With the AAG Advantage Reverse Mortgage Jumbo Loan, borrowers can access their home's equity the same way you would through a traditional reverse mortgage loan.

An AAG Advantage Loan is similar to a traditional reverse mortgage in the following ways:

  • The borrower can eliminate monthly mortgage payments.
  • The borrower must continue to pay property taxes and homeowner’s insurance and must keep
  • the home in good repair, per the obligations of the loan.
  • The borrower remains the owner of the home and on the title.
  • The amount you can borrow depends on the value of your property, your interest rate, and your age.

Senior homeowners considering a jumbo reverse mortgage loan must be at least 62 years of age and use the real estate as their primary residence. The jumbo loan will give you more money than a traditional mortgage.

Some benefits to a jumbo loan include borrowing up to $4 million, working with a single lender, and not having to purchase mortgage insurance.

Loan Calculator

AAG’s mortgage loan calculator is the simplest and fastest reverse mortgage loan calculator we’ve come across. It doesn’t take geographical factors into consideration. It asks for the home value, existing mortgage balance, and age. While the price may not be 100 percent accurate, it is a good rough estimate for individuals just starting to consider a reverse mortgage.

Consumer Education

Fees, interest rates, the reverse mortgage process, and other pertinent information is fully explained on the company website. AAG describes the terms and conditions of each of the reverse mortgage types in detail along with reverse mortgage counseling for the borrower.

AAG takes a step further by describing the types of scenarios that maximize each solution’s utility. Additionally, AAG puts a personal spin on understanding reverse mortgages by explaining its benefits from different stereotypical personalities:

  • The Pragmatic Planner
  • The Maximizer
  • The Homebody
  • The New Homebuyer
  • The Safety-Net Seeker
  • The Eager Retiree

Community Engagement

AAG shows a commitment to improving lives beyond assisting retirees in securing home equity funds. The company has instituted a formal, paid volunteer time-off program that gives employees eight hours per year of paid service to foundation-approved organizations like the Meals on Wheels Association of America and the Emergency Assistance Food Program.

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The Bad

  • Limited Branch Locations

Limited Branch Locations

Primary communication for a reverse mortgage application, loan servicing processes, and costs are done online or over the phone. Customers who want to discuss loans in person may find it difficult since the only branch locations are in California, Hawaii, New York, Georgia, Missouri, and Texas.

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The Bottom Line

As an FHA-approved lender, American Advisors Group stands out from other mortgage lenders with a unique spin on consumer education, a fast and easy loan estimate calculator, and an investment in community service. Plus, the company offers several types of reverse mortgage solutions that suit a wide range of financial goals.

Overall, compared to other financial institutions, AAG is a top competitor in mortgage lending and should be considered when looking into your retirement options.

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