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  American Advisors Group Reverse Mortgage

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American Advisors Group Reverse Mortgage
in Reverse Mortgages from American Advisors Group
Claimed

American Advisors Group Reverse Mortgage

Claimed
in Reverse Mortgages from American Advisors Group
SuperMoney Net Recommendation Score +20  

SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly recommended by SuperMoney users with a score of +20, equating to 3.4 on a 5 point rating scale.

+20

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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Highlights
Community Rating Mostly recommended
Loan Amount $75,000 - $4,000,000
Margin Rate 4%
Origination Fee ($) $2,500 - $6,000
Number of Reviews 5

American Advisors Group Reverse Mortgage Review

American Advisors Group Reverse Mortgage is offered by American Advisors Group, a licensed broker founded in 2004 and based in Irvine, CA. American Advisors Group Reverse Mortgage are available in 49 states (and Washington, DC).

American Advisors Group Reverse Mortgage FAQ

What types of reverse mortgages does American Advisors Group Reverse Mortgage offer?

American Advisors Group Reverse Mortgage allows borrowers to apply for the following types of reverse mortgage.

Lump sum. The borrower can access the entire amount immediately. However, you will need to pay interest on the entire amount regardless of whether you spend it.

Monthly disbursement. With this option, you get a monthly allowance. This is a good option if you need an additional source of income to cover your living expenses. It can be used in combination with a line of credit for additional flexibility.

How much can you borrow with a reverse mortgage?

Reverse mortgages are a type of mortgage that makes it possible for older homeowners to borrow money by using the value of their home as security.

The maximum loan amount with this lender is $4,000,000. Note that the maximum loan amount you can borrow will vary depending on the value of the property, your age, how much you owe on it, and your creditworthiness.

American Advisors Group Reverse Mortgage requires borrowers to have an equity of at least 50% of the property value. It also has a maximum loan to value rate of 50%. That means the total debt secured by the property cannot exceed 50% of its value. Let's say you own a property with a current market value of $100k, but you still owe $20k on your mortgage. Your equity would be $80k. In this scenario, if you have good credit, you may qualify for a reverse mortgage of up to $30k.

What range of rates does American Advisors Group Reverse Mortgage offer?

Reverse mortgage rates can be fixed or variable. Fixed rates do not change over the life of the reverse mortgage, but they are only available to homeowners who choose a lump sum payment reverse mortgage. Adjustable reverse mortgage rates are used for borrowers who choose a line of credit or regular payments. They depend on two factors: an index and the lender's margin. Combined they form the adjustable rate charged to borrowers.

Reverse mortgages use the London Interbank Offered Rate, also known as LIBOR, as an index. American Advisors Group Reverse Mortgage has a margin rate of 4%. To illustrate, if the LIBOR were 4%, the reverse mortgage rate would be 8%. Remember this rate does not include origination, servicing or counseling fees

What is the estimated funding time for a home loan via American Advisors Group Reverse Mortgage?

American Advisors Group Reverse Mortgage will typically provide a credit approval decision in less than an hour and fund the loan within 5 and 7 days.

What fees does American Advisors Group Reverse Mortgage charge for a reverse mortgage?

American Advisors Group Reverse Mortgage may charge a loan origination fee of $2500 to $6000

What types of property can you use as security for a reverse mortgage with American Advisors Group Reverse Mortgage?

Lenders often have restrictions on the type of properties they will accept as security for a reverse mortgage. American Advisors Group Reverse Mortgage will consider lines of credit secured by the following property types:

  • Primary home

 

American Advisors Group Reverse Mortgage Disclosure: These materials are not from HUD or FHA and were not approved by HUD or a government agency. Borrowers remain responsible for paying property taxes and homeowner’s insurance, must occupy home as their primary residence, pay for ongoing maintenance, and otherwise comply with loan terms; otherwise the loan becomes due and payable.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From American Advisors Group Reverse Mortgage

96% Customer Satisfaction Rating from AAG Customer Surveys. Fully Accredited by the Better Business Bureau. The No. 1 Reverse Mortgage Lender in the Nation.

Message From Our Editor

What we love about American Advisors Group Reverse Mortgage

American Advisors Group is one of the top reverse mortgage providers in the United States, helping people turn their home equity into a stream of income that they can live on during retirement. It’s a well-known and trusted company in an industry that is prone to scammers and other unsavory actors.

The company has clear eligibility requirements, one of which is going through counseling with a third-party advisor to make sure that a reverse mortgage is the right choice for you. This can help customers feel confident that they aren’t being misled and that a reverse mortgage can help them achieve their goals.

What could American Advisors Group Reverse Mortgage do better?

The drawback of most reverse mortgage companies is that reverse mortgages often aren’t a great deal, even if you’re working with a reputable business. Reverse mortgages can involve a lot of fees and you may be able to get more value for your home in another way.

American Advisors Group doesn’t provide upfront information about its interest rates on its website, so to get an accurate quote, you’ll need to start the application process. This can make it more difficult to shop around to find the best deal.

American Advisors Group Reverse Mortgage’s backstory

American Advisors Group was founded in Irvine, California in 2004 and has since grown to be one of the largest reverse mortgage businesses in the United States. It operates in 48 states and has become well-known for working with celebrity spokespeople, including actors and politicians.

The Verdict

If you’re looking for a reverse mortgage, American Advisors Group is one of the top businesses in the country to work with. You can feel confident that you’ll get a good deal, but make sure that you shop around and take the time to consider whether a reverse mortgage is the right choice for your situation.

Contact

Hours of Operation

  • Sunday Closed
  • Monday 6:00am - 5:00pm
  • Tuesday 6:00am - 5:00pm
  • Wednesday 6:00am - 5:00pm
  • Thursday 6:00am - 5:00pm
  • Friday 6:00am - 5:00pm
  • Saturday 8:00am - 12:00pm

About American Advisors Group Reverse Mortgage

Availability

  Available in 49 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • Washington, DC
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Origination Fee ($) $2,500 - $6,000
Margin Rate 4%
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use Primary Home
Joint Loan Applications Accepted
  • Individual Applications
Maximum LTV 50%
Minimum Age 62
Minimum Equity 50%
Property Value $100,000 - $6,000,000
Approval Speed 0 hours
Funding Time Range 5 - 7 days
Reverse Mortgage Options
  • Standard
  • Saver
  • HECM for Home Purchase
Reverse Mortgage Payment Options
  • Line Of Credit
  • Lump sum
  • Monthly disbursement
Loan Amount $75,000 - $4,000,000

American Advisors Group Reverse Mortgage Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly recommended by SuperMoney users with a score of +20, equating to 3.4 on a 5 point rating scale.

+20

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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