American Advisors Group Reviews - What Is It?
WARNING: DO NOT USE American Advisors Group Until You Read This Review!
Is it a Scam? Does It Really Work?
American Advisors Group is a financial company who claims that their reverse mortgages are a good way to invest your money into your retirement. This also helps to steady your finances if you are having difficulties in life. Believe it or not but most Americans are not ready for retirement. Actually, every third American doesn't have a single penny saved for their post-work life. We don't need an expert to understand that those statistics are not good. AAG intends to provide a simple way of getting money when you are in trouble. It can be difficult to make wise financial decisions when you are at a loss. For this reason, relax and take your time to examine who American Advisors Group is and what services they offer. Pay attention to the company's reputation and what type of reverse mortgages they offer to their consumers.
American Advisors Group is based in Orange, California, and is directed by CEO Reza Jahangiri, who is also a co-chairman of the National Reverse Mortgage Lenders Association. He does not only oversee the company but also provides professional judicial help to the customers. The company was founded in 2004 and achieved significant notoriety when it enlisted a former actor and politician Fred Thompson to head its marketing campaign. Most clients are women in their late 60s or early 70s without husbands. They need money to live and just stay in their homes. Remembering all this, let's talk about reverse mortgages offered by the company and what other people are saying about their experience.
Customer Reviews - Does American Advisors Group Really Work?
American Advisors Group offers reverse mortgages. These are home equity conversion mortgages (HECMs) backed by the Federal Housing Administration. The "equity" in HEMC means the cost of your home minus the balance of your mortgage. The lender gives you money depending on how much equity your home has. That money may come in payments or in a lump sum. These products are called "reverse mortgages" because the loan you are taking is based on the value of your home. But not everyone is able to get a reverse mortgage. There may be several reasons why this happens, for instance, if you default on payments, if you are still on the hook for property taxes, if you are younger than 62 years of age.
Using the services of American Advisors Group, you have to visit a Housing and Urban Development counseling seminar. It is not an easy decision to take out a reverse mortgage and you will probably want to consult your financial planner or advisor. This will help you to get clear advice and you will not be driven by desperation or emotions. If you sign up for a reverse mortgage, it can be a risky business. If you become sick and need to move into an assisted living or skilled nursing facility, all amount of the loan will be due.
You can find American Advisors Group reviews on many different websites. The company has a B+ ranking with Better Business Bureau. There are not many complaints in the past several years. Website Lending Tree gave them a 5-star rating but there are only three reviews. Website Site Jabber gave a 4-star rating from six reviews. Common complaints about American Advisors Group concerned a slow paperwork process and high fees. A few people complained about some minor issues. Several HighYa readers also shared their experience with AAG. One reader complained that, even though he didn't get a reverse mortgage from the company, they gave his information to other similar organizations who contacted him and offered different types of loans. Other BBB sites with the company's reviews didn’t list any complaints about sharing personal information of the clients with third-party companies. However, some consumers confess that American Advisors Group repeatedly contacted them on different issues. Let's take a look at the actual users' testimonials left online.
"American Advisors Group AAG took good care of me. I am separately grateful to their representative named Ron who was always attentive and kind to me. It is really a busy organization, but Ron, my loan originator, always stood out and didn't make me wait for too long. A few people were involved in the roles of transaction coordinators and processors, but Ron seemed to keep them in line. He is the one who will appreciate your time and money. I would recommend them to everyone who needs such services. Thank you very much."
"I am really grateful to the American Advisors Group. I managed to get the reverse mortgage and secured a good amount of emergency fund. The loan officer Tony was responsive and diligent. I really enjoyed working with him. In fact, I have no complaints to the company except for a great amount of paperwork. It was a bit annoying even though it involved computers and smartphones. But generally I am satisfied with cooperation with this company."
"I had great experience with the American Advisors Group. The representative who worked with me was very helpful and knowledgeable from the first day. I think he was one of the most hard-working and professional representatives of the company. The company sent me all the information that answered most of my questions on Reverse Mortgages. This is the most reliable company I have ever worked with in my life. I would highly recommend organization if you are in the market for a Reverse Mortgage."
My Final Summary
Summing everything said I would recommend taking a reverse mortgage from American Advisors Group. It means that you're going through the process of home buying again, but instead of actual buying a home, you receive money based on the value of your house. AAG makes this process less stressful, and, in fact, helps those who have a sick spouse or those who recently widowed. Unfortunately, some elderly people find no other option to pay their bills aside from getting a reverse mortgage. It is important to consider certain factors before applying for a reverse mortgage. One of them is how much it will cost. Checkup if you can find any ways of decreasing your expenses. The high costs and difficulties associated with leaving your property to your heirs can cause a lot of headache.
Taking a reverse mortgage is a big decision that will influence your financial sphere for years. If you have considered all pros and cons and you still want to do it, pay attention to American Advisors Group. It offers financial products to seniors who are hurting for money. Their reverse mortgages are backed by the Federal Housing Administration. The company will provide you with a trusted financial advisor for you to talk to. This specialist will help you make to understand better where you are now and what you want to do in future.
American Advisors Group Pricing and Rates
Just like any loan, reverse mortgages from the American Advisors Group come with some fees. To get more information, you are recommended to contact a telephone number on their website. You will be provided with a representative who will give you all the financial information you need.