Reverse Mortgage Review
American Advisors Group
Better Business Bureau
Loans to seniors
- Call(800) 730-5614
We have chosen to recognize AAG as the top reverse mortgage lender in America. While they don’t win on every criteria, their breadth of loans and size makes them tough to beat. AAG is the single largest reverse mortgage lender. They account for nearly 25% of the total market. This makes them the behemoth in the reverse mortgage space. You may be familiar with their TV ads featuring Tom Selleck.
The upside to going with the largest player is obvious. No one has more experience with more situations than AAG. Their loan officers are experts, their underwriting process is well refined and they offer a broader suite of products than most other lenders.
Broader product offerings
AAG is one of the few lenders who offer jumbo reverse mortgages. Typically reverse mortgages are capped at FHA limits. Any equity in your home that exceeds the limits set by the government for your county is ineligible for be borrowed against. In my home county in Colorado, the FHA limit for a single family house is $636,150 in 2017.
You can look up your county’s FHA limits on the HUD site. Be sure to pick "HECM" for the loan type.
So if my home was worth more than that amount, most lenders would only use the first $636K to determine the size of the loan available to me. AAG is not one of them. This offering costs a bit more when compared to non-jumbo loans, but it’s great to have the options.
Not always the cheapest
With AAG’s big footprint and marketing budget they don’t always have the lowest costs. In our testing we have seen other lenders with both lower interest rates and closing costs. There are so many variables that go into a reverse mortgage that it’s impossible to quote costs for everyone’s situation, but in our experience you really need to talk multiple lenders to be able to make an apples-to-apples comparison.
If you are considering a reverse mortgage, you need to talk to AAG
AAG is like the iPhone of the reverse mortgage market. You may decide another brand is better or cheaper for you, but you owe it to yourself to try an Apple phone. The iPhone has tons of fans for a reason. AAG is the same way. There are many valid reason to go with another lender, but you should speak with AAG and a couple of the other lenders in our list.
We make it easy to shop multiple lenders. Chose a couple that meet your needs and talk to two or three before finalizing your loan.
We make it easy to shop multiple lenders. Chose a couple that meet your needs and talk to two or three before finalizing your loan.Get personalized rates
|Number of Loans||12,542||Not a Lender||423|
|Services & Features|
|Reverse Mortgage Calculator|
|Types of Reverse Mortgage|
|Reverse for Home Purchase|
|Home Equity Conversion Mortgage|
|Proprietary Reverse Mortgage|
|View rates||View rates||View rates|