AAG Reverse Mortgage review - is it right for you? | finder.com

AAG Reverse Mortgage review

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

AAG Reverse Mortgage
  • Named Finalist in the 500+ Employee Category BBB Torch Awards for Ethics
  • 97% customer satisfaction rating from client surveys
  • Orange County Register's Top Workplaces: 2013 – 2018
Learn more Go to site

Access the equity you’ve built in your home with a top advertised lender.

If you own a home, you may be able to supplement your retirement using the equity you’ve built in it. American Advisors Group is among the biggest lenders specializing in reverse mortgages.

Name AAG Reverse Mortgage
Description A loan for people 62 and over that lets you borrow against the equity in your home.
Origination fee Depends
Other fees Fees will vary depending on your property value and the type of reverse mortgage you choose, so it's important to discuss which fees will apply and how much they'll cost before signing any paperwork.
The company is accredited by the BBB with an A- rating. They're also positively reviewed on TrustPilot — of the nearly 1,600 reviews posted, 65% rate the company "excellent" with another 18% calling it "great."

Positive reviews mention personable and professional service, a transparent application process and the relief of not having to make a mortgage payment.

Negative reviews mention the process taking longer than expected and involving a lot of paperwork.

What can I expect with an AAG Reverse Mortgage?

A reverse mortgage lets you borrow against the equity you’ve built up in your home. You can use this money to pay off other debts or supplement your retirement without monthly payments, though you’ll need to keep up with property taxes and insurance. As long as you’re living in the home and up-to-date on taxes and insurance, you’ll retain ownership of your home and you won’t need to repay the loan.

When will I need to repay the loan?

Reverse mortgages typically become due when you die. Your heirs are given six months to repay the loan or agree to sell the home. If your home is sold, proceeds from the sale are used to repay the amount you borrowed, and any remaining profit goes to your heirs.

Your loan also becomes due if you sell your home, no longer use it as your primary residence, neglect to pay the insurance or taxes or don’t otherwise meet the terms of your reverse mortgage. Proceeds from the sale of your home are then used to pay off the loan.

Founded in 2004, AAG is among the largest and most advertised mortgage lenders in the US. (You may have seen its TV ads featuring onscreen Tom Selleck.) It’s licensed in 48 states and specializes in home equity conversion mortgages designed for seniors.

AAG strives for personalized service to help you understand the benefits and risks of this unconventional type of loan. And its site offers the ability for you to enter details about your circumstances for a kit of targeted info.


  • Online resources. Use AAG’s reverse mortgage loan calculator to estimate how much you might receive with your property.
  • Generally positive reviews. This company earned a TrustScore of 8.6/10.
  • Experienced lender. AAG originates more than 500 loans monthly, and it’s a member of the National
    Reverse Mortgage Lenders Association.


  • You can’t apply online. To know if you qualify for a loan, you must first sign up for a free information kit and then speak to a representative.
  • Not licensed in Massachusetts or DC. The Bay State found AAG guilty of misleading advertising, revoking the company’s ability to sell services in the state.

What do I need to get a loan with AAG?

To qualify for a reverse mortgage with AAG, you must meet a series of personal and property requirements. You’ll also need to complete an information session with a HUD-approved counselor.

Personal requirements

  • At least 62 years old in an eligible state.
  • Name on the title of the home.
  • Financially able to maintain your home, keep up with property taxes and pay for insurance.

Property requirements

  • Primary residence, not a rental or vacation home.
  • Single-family home, two- to four-unit home with one owner-occupied owner, HUD-approved condo or manufactured home meeting FHA requirements.

How do I apply?

Go to AAG’s website and request an information kit based on your personal circumstances. Once you know you’re eligible to apply, your kit will include personalized information to guide you through the steps of the process:

  1. Complete the HUD-required reverse mortgage counseling.
  2. Complete the loan application with guidance from an AAG specialist.
  3. Work with AAG to schedule a property appraisal reviewed with your application.
  4. Sign closing documents and answer any additional questions with your closing agent.

How can I receive my money?

Choose payment through three options:

  • Lump sum.
  • Line of credit.
  • Monthly installments.

In the first year of your HECM loan through AAG, you’re able to access up to 60% of the loan amount or the amount needed to pay off your current mortgage plus 10%, whichever is greater.

Bottom line

If you’re 62 or older and looking for extra money in retirement, consider taking out a reverse mortgage with AAG. Carefully read the terms and conditions of your loan before signing on the dotted line. If you’re comfortable with the requirements, enjoy your mortgage-free retirement.

Frequently asked questions

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

Related Posts

  • AAG reverse mortgages review
    American Advisors Group has been offering reverse mortgages since 1961 and is No. 1 HECM lender in the nation.
Go to site