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AAG Reverse Mortgage review

Last updated:’s rating: 2.0 / 5.0


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. But there are risks to be aware of.


Loan products offeredTerm reverse mortgage, Tenure reverse mortgage, Lump-sum payout, Growing line of credit, Jumbo reverse mortgage, Reverse for purchase

What types of loans does AAG offer?

AAG offers several types of reverse mortgages that let you borrow against the equity in your home. You can use the money to pay off other debts or supplement your retirement, though you’ll need to keep up with property taxes and insurance.

In many cases, you may be able to stop paying mortgage payments — but it depends on how much equity you have in the home and what type of reverse mortgage you choose.

Term reverse mortgage

Receive monthly payments for a set number of years. You’ll choose how many years to receive payments when you sign up.

Tenure reverse mortgage

Receive monthly payments for as long as you live in the home and comply with the terms of your loan.

Lump-sum payout

Get one lump sum so that you can pay off large expenses. With AAG, you can borrow up to 60% of your available funds in the first year.

Growing line of credit

This reverse mortgage type lets you tap into your line of credit only when you need it. You can use it as an emergency fund so that you don’t have to reduce your equity in your home if you don’t need to.

Jumbo reverse mortgage

If you own a high-value home, you withdraw up to $4 million in equity. You’ll receive the full sum at closing.

Reverse for purchase

If you’re looking to downsize, you can use this type of reverse mortgage to move into a smaller home. Depending on how much equity you have built up, you may not have to make mortgage payments.

Is a reverse mortgage safe?

Home equity conversion mortgages, also known as reverse mortgages, are approved by the FHA and HUD and insured by the federal government. But that doesn’t make them risk-free. You can lose your home if you don’t continue to pay your property taxes and home insurance. In some cases, even being late on your payments can put your home at risk.

And in 2016, AAG paid a $400,000 penalty after the Consumer Financial Protection Bureau alleged that it falsely advertised its products as too safe, claiming that customers would have no monthly payments and couldn’t lose their homes.

If you’re interested in a reverse mortgage, read the fine print carefully and consider hiring a lawyer to go over the contract and explain any important fine print.

AAG fees

If you don’t have the cash to cover fees up front, you may be able to roll them into your total loan amount. 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.

AAG Reverse Mortgage’s fees depending on your circumstances but could include:

  • Loan origination fee
  • FHA mortgage insurance premiums
  • Counseling fee
  • Appraisal fee
  • Credit report fee
  • Title insurance fee
  • Inspection fee
  • Flood certification fee
  • Recording fee


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.


To apply for a reverse mortgage, you’ll need to provide:

  • Your full name, birthdate and personal contact information
  • Your Social Security number
  • Information on any income you have
  • Personal tax returns from the past two years
  • A list of your assets, including savings, real estate, car titles and other investment records
  • A complete list of your debts, including student loans, auto loans, personal loans and credit cards

How to get a reverse mortgage with AAG

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.

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 on time 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.

AAG Reverse Mortgage reviews and complaints

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.

Pros and cons of AAG


  • 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 score of 8.5/10 on Trustpilot as of August 2019.
  • 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.

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What is AAG?

Founded in 2004, American Advisors Group, known more commonly as AAG, is among the largest and most advertised mortgage lenders in the US. 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.

Frequently asked questions

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Expert review

Aliyyah Camp

Review by

Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.

Expert review

AAG is best for retired borrowers considering a reverse mortgage and are looking for in-person support. Depending on the equity in your home and the type of reverse mortgage you choose, you could stop paying mortgage payments altogether. But if you’re looking to apply online or need a traditional mortgage, look elsewhere.

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