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AAG Reverse Mortgage review

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AAG Reverse Mortgage
State availability
Not available in: DE, FL, GA, MA, OH, RI

Our verdict

This lender offers a variety of options that could be right for your situation — but they all carry risk.

AAG is best geared towards retired homeowners considering a reverse mortgage and are looking for in-person support. Depending on the amount of 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 or refinance, you’ll want to look elsewhere.


  • Online resources.
  • Generally positive reviews.
  • Experienced lender.


  • You can't apply online.
  • Not licensed in Massachusetts or DC.

In this guide

  • Our verdict
  • Details
    • Features
  • Your reviews
  • Ask a question

With a reverse mortgage from AAG, you can eliminate your monthly mortgage payment. As long as you stay current with your property taxes, homeowner’s insurance and maintenance costs, you’re allowed to live in your home mortgage-free for the length you decide.



Loan products offered Term reverse mortgage, Tenure reverse mortgage, Lump-sum payout, Growing line of credit, Jumbo reverse mortgage, Reverse for purchase
State availability Not available in: DE, FL, GA, MA, OH, RI
NMLS # 9392

AAG Reverse Mortgage requirements

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

In addition to the above requirements, you must also:

  • Complete reverse mortgage counseling with an independent counseling agency.
  • Undergo a financial assessment to make sure you can keep up with your loan’s financial obligations.


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

Costs and 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’s reverse mortgage fees depend 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

How to apply for 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.

What types of reverse mortgages 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. With a term reverse mortgage, you receive monthly payments for a specific timeframe. You choose how many years to receive payments when you sign up for the mortgage.
  • Tenure reverse mortgage. A tenure reverse mortgage allows you to receive monthly payments for as long as you live in the home. This option is best for retirees who do not plan on bequeathing the home.
  • HECM for purchase loan. This is a type of government-insured reverse mortgage that gives homeowners 62 and older the ability to tap into their home equity and purchase a new home, as long as certain conditions are met.
  • Lump-sum payout. With this option you get one lump sum that can be used to 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 whenever you need it. It can be used as an emergency fund so that you don’t reduce your equity in your home if you don’t need to.
  • Jumbo reverse mortgage. If you own a high-value home, a Jumbo reverse mortgage allows you to 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 HECM reverse mortgage safe?

A home equity conversion mortgage (HECM) is the only type of reverse mortgage that is both approved by the FHA and HUD and insured by the federal government. But that still doesn’t make it risk-free. Like other types of reverse mortgages, you can lose your home if you don’t continue to pay your property taxes and home insurance on a HECM. In some cases, even being late on your payments can put your home at risk.
Also be advised that 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.

How AAG compares to other reverse mortgage lenders

Like other lenders offering reverse mortgages, you’ll need to contact AAG to request an information kit to get started. But even with information in hand, you need to be cautious.
In 2016, the Consumer Financial Protection Bureau (CFPB) took action against AAG, Reverse Mortgage Solutions and Aegean Financial for deceptive advertising, suggesting to consumers they couldn’t lose their homes. And in 2020, Urban Financial Group (acquired by Finance of America) was found guilty of underwriting hundreds of loans that didn’t meet the US Department of Housing and Urban Development requirements.

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AAG Reverse Mortgage reviews and complaints

As of July 2022, the company was accredited by the Better Business Bureau (BBB) with a B+ rating. There have been 93 complaints registered in the last three years, and of these complaints, 44 were closed in the last 12 months. AAG has a 4.5 out of 5 rating from 4,673 reviews on Trustpilot, with 68% rating the company “excellent” and another 16% 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 a lack of communication from AAG.

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 4.5/5 on Trustpilot as of July 2022.
  • 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. The Bay State found AAG guilty of misleading advertising, revoking the company’s ability to sell services in the state.

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 45 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. For borrowers wanting more information, the AAG site allows you to enter details about your circumstances for a targeted information kit.

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