American Advisors Group Review

Tuesday, May 28th

2024 Reverse Mortgage Company Reviews

American Advisors Group

• Accredited by the BBB
• Thousands of five-star ratings from clients
• Member of the NRMLA
• Approved lender of the US Dept. of Housing and Urban Development (HUD)

Tom Selleck wants to give you a loan! No, not really, but you might have gotten that impression seeing him as the spokesperson for American Advisors Group, or AAG. They're the most well-known reverse mortgage lender in the United States, closing more HECM loans than any of their rivals from year to year.

Good way to learn about reverse mortgages

If you're just getting started with learning about reverse mortgages, we encourage you to take some time and read through the FAQs at the bottom of the AAG site (or by clicking on the red "learn more" button - not the blue one, which takes you to a preliminary inquiry form. More on that later.). You'll find simple-yet-informative answers to questions like "How will my loan eventually be repaid?" and "What are the benefits of a reverse mortgage?"

Fill out the form to get more information

Ready to see what American Advisors Group can offer? Now it's time to click that blue "learn more" button by Mr. Selleck's photo. You'll be asked to enter the zip code for your property, then later you'll put in the street address, your name and phone number, the age of the homeowner on the deed, and the approximate mortgage balance (if any). You'll be told on that page if your answers look like you'll be a candidate for a reverse mortgage. Filling out the form will also get you a free information kit in the mail, and you're invited to call AAG to get your free quote.

Speak with a rep

When you speak with an AAG reverse mortgage professional, you'll get a personalized assessment of your situation and their best recommendations for the loan that will meet your needs. They can also help you with additional resources for seniors, like tax tips for retirees and researching ways to pay for home health care.

AAG may or may not be your lender

Will your loan be funded by AAG directly? Most of the time, yes; however, they reserve the right to forward your contact information to other financial institutions and lenders that offer reverse mortgages, in the event that they can't originate and/or service one for you.

Zero info until you talk to an AAG specialist

But, all of the specifics about any reverse mortgage loans available to you won't be revealed even slightly until you speak with someone at AAG. Loan terms? A ballpark of interest rates? Details about the application process and timeframe? You'll have to talk with a rep.

Reputation is not improving

But should you? We don't think it's the best idea. AAG hasn't improved its reputation since our last evaluation. Although they're still accredited by the Better Business Bureau, their grade has dropped from a "B+" to a "B" : not a huge dip, but still not trending in the direction we want to see. Worse than that, the company yet again was penalized in court - to the tune of $1.1 million in civil penalties and $173,400 in consumer redress payments - for deceptive representations of estimated home values. All of that is despite a similar consent order from five years prior. Once more, that's a sign that American Advisors Group isn't taking the necessary steps to move in the right direction.

Still manages to deliver to clients' satisfaction

On the other hand, we found more than 3000 five-star reviews from satisfied AAG clients. It seems like if you can get past the initial stages (where the accusations of deception would take place) and actually obtain a reverse mortgage here, chances are good that you'll receive professional, courteous customer service and a loan that does what it's supposed to.

Needs to do better

Not only would we like more transparency from American Advisors Group, we definitely need to see a better standing within the industry - preferably with no further court cases and the subsequent financial penalties. We'll keep an eye on AAG, and we'd be glad to move them up in our rankings once they have a better track record with respect to their pre-closing marketing practices. For now, however, we think you're better off going with a reverse mortgage lender with a sterling reputation at every step of the way - like the higher-ranked services in our review.