AAG Mortgage Review

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Overview

AAG offers a large selection of loan products for older homeowners, including jumbo loans, rate-and-term finance loans, and cash-out refinance loans for those nearing or in retirement. However, AAG is most known for its reverse mortgage.

The reverse mortgage allows you to stay in your home while using its equity to help supplement your retirement income. The right to remain in your home is contingent on paying property taxes and homeowners insurance, maintaining the home, and complying with the loan terms.

Other than these, there are no monthly mortgage payments (a requirement of the loan)—your eligibility is based on the age of the youngest homeowner (if you’re married) and your ability to afford the home’s insurance, taxes, and upkeep.

Suitable For?

Homeowners without a mortgage and who are at least 55 years old will benefit the most from reverse mortgages. AAG is also a good option for older senior homeowners with good credit and a low debt-to-income ratio who are looking for a mortgage refinance or jumbo loan.

Types of Loans/Products

AAG offers several types of reverse mortgage loans, with different options for receiving your money:  

• Lump sum payout: You can access up to 60% of your home’s value at once. 
• Growing line of credit: You can liquidate some of your home’s equity as a potential emergency fund. Any unused portion grows, giving you a higher balance to use when you need it.
• Term: You receive fixed monthly payments for a specific term.
• Tenure: You receive fixed monthly payments for your lifetime or as long as you stay in the home.
• Reverse for purchase: You can downsize to a home that’s better suited to your needs, paying as little or as much as you want toward the mortgage. However, you’ll need a sizable down payment to use this option.
• Jumbo mortgage: If you own a high-value home, you can take out up to $4 million of its equity.

The Application Process

To apply for a reverse mortgage, you must prove that you can afford the home’s maintenance, taxes, and insurance. You may be asked to provide:

• W-2s, social security statements, or retirement statements to prove your monthly income
• Government-issued IDs to verify age
• Proof you will occupy the home as your primary residence

You’ll also need to undergo reverse mortgage counseling and provide the certificate of completion proving you understand what a reverse mortgage is and how it affects your estate.

Repayment Terms

Reverse mortgages don’t have loan lengths. Instead, you have the mortgage until you no longer live in the home.. The proceeds from the home’s sale go towards paying off the amount borrowed, plus accrued interest and fees.

However, a reverse mortgage is a non-recourse loan, which means you will never owe more than the home is worth. If you sell the house (or pass away) during a time when housing values are down, you’ll only owe as much as the home is worth and not a penny more.

For their refinance loans, AAG offers various loan term lengths.

Help & Support

AAG customer support representatives are specialists who can walk you through questions or concerns about a reverse mortgage application. Phone support is available on 866-948-0003, Monday through Saturday, from 9:30am to 5pm ET.

Summary

Senior homeowners looking for help planning their golden years could benefit from using AAG’s services. They offer the largest selection of reverse mortgage and refinance options for seniors to help them make the most of their retirement, with a range of payout options. Answering a few simple questions with a representative will allow AAG to provide you with specifics about your eligibility.

When you work with a reputable company like AAG, which provides resources and education every step of the way, you’ll know what to expect when you take out a reverse mortgage, including the fees, accumulated interest, and the bottom line.

FAQs

What does it mean to age in place?

Aging in place means you can stay in the home you’ve lived in all these years and likely invested a lot of your money in. You can enjoy the fruits of your labor without being forced to sell the home. You will however remain responsible for paying property taxes, homeowners insurance, home maintenance, and otherwise complying with the loan terms.

What are the basic rules of the reverse mortgage?

While every lender differs, in general, you must be at least 62 years old for an HECM, however AAG have other proprietary products like HomeSafe that allow homeowners 55+ to access a portion of their home's equity, own your home without a mortgage, live in your home full-time, and be able to afford the home’s basic costs, including real estate taxes, homeowners insurance, and overall upkeep.

Are there reasons not to get a reverse mortgage?

As with any financing, it's imperative to satisfy the terms of your loan. Reverse mortgages may not be ideal for those concerned about their ability to keep up with related costs of the home or who don’t plan on staying in their home long-term. If willing the home to an heir, it is important to be mindful that to keep the property, the heir will need to pay back the reverse mortgage.

Do reverse mortgages have fixed or variable interest rates?

As with any mortgage, there are options for fixed and variable interest rates. 

Physical Address 

8023 East 63rd Place, Suite 700 | Tulsa, OK 74133

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Methodology

To create this AAG review, we used the company’s website along with reviews posted by existing borrowers on sites like Trustpilot.