American Advisors Group (AAG) is the largest lender of reverse mortgages in the market today. AAG is licensed to operate in all 50 states plus Washington D.C. and had been in business since 2014.
There is an online calculator on the AAG website. If you enter your home value, information about your current mortgage and some personal information, the calculator gives an estimate of what you could receive through a reverse mortgage. It paints a rosy picture of reverse mortgages, with no mention of the costs associated with the loan nor any mention of the drawbacks. The website does not list fees, interest rates or terms. An agent will calculate these on an individual basis, which means the amount given by the calculator is probably not especially accurate. Likewise, AAG's advertising can make reverse mortgages seem quite appealing.
All of AAG's agents are trained and licensed, not only for the federal and state licenses they need to write reverse mortgage loans, but also for customer service and working with people. The American Advisors Group is a member of the National Reverse Mortgage Lenders Association. It also claims a 96 percent customer satisfaction rate and offers testimonials online.
The AAG website features helpful information to guide you in the decision-making process. The site has a detailed FAQs section that gives helpful information about the basics of reverse mortgages. The site does a good job of helping to explain the complex ins and outs of reverse mortgages. It also includes many customer reviews and testimonials, both in smaller capsules and in longer form pieces on the site. The site has a frequently updated blog that contains information about reverse mortgages and home finance in general.
AAG is a relatively new lender offering reverse mortgages. The company markets itself aggressively with ads that can make reverse mortgages appear more risk free than they are. However, the website contains more information and the company has an overall strong reputation. You should study the risks of obtaining a reverse mortgage loan, but if you decide to get one, this is a worthwhile lender to consider.