• 8 Customer Reviews
  • 25% Recommend This Company
2.0 out of 5
5 star: 25% 4 star: 0% 3 star: 0% 2 star: 0% 1 star: 75%

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  • Let the buyer beware!

    • By Jim W.,
    • Crystal Falls, MI,
    • Feb 7, 2020
    • Verified Reviewer
    Overall Experience:

    If you’re thinking about taking out a HECM Reverse Mortgage with AAG (or with someone else; shop around and talk to a financial advisor or planner first) - be very, very careful (if you have an older house), it is risky - YOU CAN LOSE IT IF YOU DO NOT MAKE PAYMENTS. It may be good for some, but for me, it was a big mistake to consider it. Example:

    First they required me to sign a stack of legal documents about one-half inch thick (I’m not exaggerating) late at night just before the cafe was to close with a notary public without reading over the documents which would have taken a few hours and the copy of documents I received, for some reason didn’t exactly look like the ones I signed when I got home (I may be wrong on this there were so many); these documents were based on the value of my home from what a Zillow price was. A value AAG does not accept.

    They do not tell you the fees associated with it upfront; you have to apply for the loan first. Fees are very high.

    Second, I had to have a talk with a consultant for $125 as to what a HECM is, which was a waste of time and money because if one goes to https://www.newretirement.com/retirement/reverse-mortgage-interest-rates/ it explains it very nicely and in more detail.

    Third, I had to have a HUD inspector come to the house for $450 to evaluate the house and bring it up to HUD’s standards at my expense. Either she was incompetent or HUD’s evaluation procedure needs fixing. The price she placed on my home was way below the value of the house by half or more by comparing it to "similar" homes within five miles that had been recently sold; this would work if the house was in a track home complex where every house looked the same but not all different types of houses as in my area that "may" or "may not" be similar based on square footage, acreage, and whatever else.

    Fourth, AAG’s fees are too high. Initiation fee and all the other fees (thousands of dollars) they stack on using a higher interest rate than the national mortgage rate, plus, if a Line of Credit is used, they can jack up the interest rate over the life of the loan; it’s not a fixed rate, so when it comes time to sell, one doesn’t know what the actual cost of the loan is.

    Fifth, having to deal with someone over the telephone or email whose a thousand miles away.

    Sixth, if one takes too long to accept all their paperwork, understand it, and terms, they (seems like) will pressure you to accept or have the application canceled.

    Seventh, not deciding if I want to take the loan or not, AAG switched my homeowner's insurance to them, did not pay the bill, and I got a notice my house insurance was being canceled - they made a huge blundering mistake!

    Eight, I sent them emails with questions only to get some questions answered, some partly or incomplete, and some not at all.

    Ninth, I started on the premise I wanted a HECM (and still do), but after all of the above, I decided it wasn’t worth it. Hope you have better luck - let the BUYER BEWARE!

    Bottom Line: No, I would not recommend this to a friend

    • May 5, 2020

      Company Response from American Advisors Group (AAG)

      Thank you for the review. We apologize that you didn’t have a great experience; we’d love to take the opportunity to try to improve. If there is anything we can do, please give us a call at (866) 948-0003.


  • Failure to compensate Hurricane Michael loss

    • By Richard C.,
    • Panama City, FL,
    • Jul 30, 2019
    • Verified Reviewer
    Overall Experience:

    It has been several months since October loss. Contractor invoiced $62,000.00 for roof replaced. AAG paid $25,000.00 and withheld balance.

    Contractor has not been able to continue work awaiting balance due. As it stands we have been deprived of our repair money. AAG has our $120,000.00 but will not pay the balance due to our contractor.

    There are a lot of us that have no progress beyond roof repair.

    If you have AAG between you and your insurance company don't look for any help.

    Would like to see government intervene.

    Bottom Line: No, I would not recommend this to a friend


  • Harassment by AAG

    Overall Experience:

    We took out a Reverse Mortgage with AAG in 2013. We have constantly been harassed by them for years over one thing or another.

    A previous review listed frequent calls; had those. The problems have become so numerous over the years, I have sent complaints to the Texas Attorney General and the Consumer Protection agency.

    They have charged us for property inspections to the tune of $1500, which includes only a drive-by photo of our mailbox. The last one was $500. Most of the property inspections are one picture of our mailbox and computer generated info on "like" properties in our area. The real estate appraiser never even sees the entire property. It clearly states in their information packets, they must notify you of an inspection, but that has only happened once, and I told them no (it was harassment, and there was absolutely no need for an inspection). We have "no trespassing" signs posted, and yet numerous people hired by AAG ignore the signs, and don't call or notify us prior to these so-called inspections. One man looked like he was a homeless bum!

    We had a major hail storm in the spring. AAG has been withholding payment to the contractor since July. They would not even reimburse my husband and myself for out of pocket expenses covered by the insurance! Any time the insurance check is over $10,000, it has to go to the mortgage company. Even that requirement has been a hassle.

    In Texas, we can pay quarterly property taxes if we have a homestead exemption. We did last year, but AAG jumped in, paid the balance of the taxes, and even paid the wrong amount! I spoke with them and explained how we play the taxes, and now they know so they won't interfere! Not so! Today I go to pay a quarterly payment, and AAG has paid them, even after they were specifically told that is how we pay the taxes and they said that was OK as long as they know. Now we will be harassed again.

    My last resort is to notify the local media and do an interview to let them know of all the problems we have encountered with AAG. I will also update the Texas Attorney General.

    My advice, the reverse mortgage has allowed us to make improvements and we enjoy our home, but the hassles encountered constantly are ridiculous!

    My advice, don't use AAG.

    Bottom Line: No, I would not recommend this to a friend


  • Stay away from this company!

    • By Steve Smith,
    • Delray Beach, FL,
    • Jan 31, 2018
    • Verified Reviewer
    Overall Experience:

    Please, I beg of you, if you have any other option for relieving your financial difficulties, do not use this company. Our process took nine months, and in that time we had to endure much aggravation with paperwork, time, and idiotic representatives. It cost us money and ended up lowering our credit scores because of several unnecessary credit checks.

    I should have known what was to come during the very first phone call and having to deal with Sean, who is a very rude and condescending person. I refused to speak to him after that, leaving him to my wife. Finally it came time to close, and of course, they harassed us to hurry for the closing. It gave me great pleasure to call them and tell them to put their reverse mortgage where the "sun doesn't shine!"

    Bottom Line: No, I would not recommend this to a friend


  • Appraisal scam

    • By Sally Billiter,
    • Lake City, Florida,
    • Aug 2, 2017
    • Verified Reviewer
    Overall Experience:

    American Advisors Group ordered an appraisal of our home from an FHA approved appraiser. She did a very thorough job and actually came in lower than we thought our home was worth

    Unfortunately, AAG tried to coerce her into including sales of a manufactured or mobile homes as comparables in order to drive the price of our home far lower than its value. Our home is not a manufactured home.

    Also, they never contacted me about any issues with the appraisal. Every time I communicate with them, there is a new story why the appraisal is bad. Or the broker is wrong. Or I don't understand. Everyone has problems except them.

    Simply put, they tried to lower our home value unethically and take advantage of the elderly population.

    Please be warned.

    Bottom Line: No, I would not recommend this to a friend


  • No one seems to know what they're doing at AAG

    • By Ann Schell,
    • Tampa, FL,
    • Jun 23, 2017
    • Verified Reviewer
    Overall Experience:

    No one seems to know what they're doing at American Advisors Group. I started the process to do a reverse mortgage. First, they required one whole page of paperwork including my accounts, social, bank accounts and so on. Then I had the appraisal done. I have gotten the same questions over and over and had to resend my driver's license, Medicare cards, and payoffs for home equity. On the average, I get one or two texts a day and a call or two every day. I wish they had people that would know in one call or text to tell me what they need, now I'm really skeptical about going through with this!

    They told me I had a lien against my home for $6,500 (which was not true) and told me that my CPA could not see the same information that they could (which was a lie). A week later they said it was a mistake! Then I was told I had to raise my Homeowners Insurance by $50,000 and that is set up by the state, and my insurance company cannot do that. Somehow they texted me and said that they resolved it and that I do not have to do that. Really frustrated!

    Bottom Line: No, I would not recommend this to a friend


  • AAG and Ron took care of me

    • By Chris M,
    • Burbank, CA,
    • Feb 28, 2017
    • Verified Reviewer
    Overall Experience:

    It is such a busy organization, but my loan originator, Ron, stood out and went the extra mile. From transaction coordinators to processors, there were several people involved, but Ron seemed to keep them in line and got me my check on time. I want to recommend them. Thank you.

    Bottom Line: Yes, I would recommend this to a friend


  • Grateful

    • By Donald Lloyd,
    • Doniphan, MO,
    • Dec 8, 2016
    • Verified Reviewer
    Overall Experience:

    Thankfully the recent floods didn't get my house and I was able to get the reverse mortgage I wanted and secure a good amount for us to use as an emergency fund.

    Tony the loan officer we worked with was diligent and responsive. I have zero complaints except for all the paperwork. You'd think with computers and smartphones that it would be less, but it was more paperwork than my original mortgage!

    Bottom Line: Yes, I would recommend this to a friend


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