American Advisors Group (AAG) is a private, national reverse mortgage lender based in Orange County, California. The company is one of the largest reverse mortgage lenders in the United States, and it specializes in providing Home Equity Conversion Mortgages (HECM) to homeowners who are 62 years of age or older.
AAG’s reverse mortgages are insured by the Federal Housing Administration (FHA) and are designed to help homeowners convert a portion of their home’s equity into cash, which can be used for expenses such as home repairs, medical bills, or living expenses. With a reverse mortgage, the borrower does not have to make monthly payments, and the loan does not have to be repaid until the borrower dies, sells the home, or moves out of the home permanently.
AAG offers several types of reverse mortgages, including the traditional HECM, the HECM for Purchase and the Jumbo Reverse Mortgage. The company’s Jumbo Reverse Mortgage is a proprietary loan that allows homeowners to borrow more than the FHA’s lending limit of $765,600.
It’s important to note that reverse mortgages are complex financial products, and it’s important to understand the terms, costs and risks associated with them before making any decision.