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AAG Mortgage Review

Reviews 5,841
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Reviews 5,841
Samantha Hawrylack
Mar. 28, 2024
4 min read
Samantha Hawrylack
AAG Summary
AAG, a division of Finance of America Reverse LLC, provides reverse mortgages and refinance options for those entering or already in retirement who might need more cash flow. A reverse mortgage loan allows homeowners over a certain age (62+ for HECMs or 55+ for a HomeSafe©*) to tap into a portion of their home's equity, tax-free**. (**Not tax advice. Consult a tax professional.)


  • Available to homeowners aged 55+*
  • Tap into a portion of your home’s equity
  • AAG has proprietary products to help your unique needs


  • Interest accrues
  • Reverse mortgages can have implications for heirs


*For certain HomeSafe© products only, excluding Massachusetts, New York, and Washington, where the minimum age is 60, and North Carolina and Texas where the minimum age is 62.


AAG offers a large selection of loan products for older homeowners, including HECM, HomeSafe© (proprietary jumbo reverse) and HS 2nd. 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. At a minimum, 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 could benefit the most from reverse mortgages. AAG is also a good option for older senior homeowners 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 tap some of your home’s equity as a potential emergency fund. Any unused portion grows, giving you access to more funds the longer it goes unused.
  • 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, so long as the borrower does not default on the loan. The borrower must maintain the home as principal residence, pay all taxes, insurance, maintain the home, and comply with all other loan terms. With Modified Tenure plans, the lender will set aside a specific amount of money for a line of credit.
  • 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.
  • Proprietary jumbo reverse mortgage: If you own a high-value home, you can take out up to a $4 million loan.

The Application Process

To apply for a reverse mortgage, at minimum, 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 conducted by an independent third-party counselor approved by the U.S. Department of Housing and Urban Development (HUD) 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, the loan is repaid once the loan reaches maturity. Loan maturity typically happens when you sell or transfer the title of your home. If you sell your home, the proceeds from the home’s sale go towards paying off the amount borrowed, plus accrued interest and fees. The loan can also become due if you permanently leave your home or fail to comply with the loan terms. 

However, an HECM is a non-recourse loan, which means your estate will never owe more than the home is worth. If the loan cannot otherwise be repaid, the lender cannot look to your other assets (or your estate’s assets) to meet the outstanding balance on your loan 

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 at (800) 608-6040, Monday through Saturday, from 9:30am to 5pm ET.


Senior homeowners looking for help planning their golden years could benefit from using AAG’s services. They offer a large selection of reverse mortgage options for seniors to help them make the most of their retirement, with a range of payout options. Speak with a reverse mortgage professional from AAG to help you understand your options.

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.


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 has other proprietary products like HomeSafe© that allow homeowners 55+* to access a portion of their home's equity. In addition, you must own your home or have paid-down a considerable amount of your existing mortgage, live in the home as your primary residence, and be able to pay property taxes, insurance, and home maintenance. 

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 loan.

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

AAG does business as Finance of America Reverse LLC in Nevada and New York

NMLS ID#2285



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

Samantha Hawrylack
Written by
Samantha Hawrylack
Samantha Hawrylack is a freelance personal finance writer with a bachelor's degree in finance. A prolific author, she has penned articles for a wide selection of financial service providers, including mortgage, credit card, and personal loan companies. Prior to becoming a writer, Samantha worked at Vanguard as a licensed Brokerage Investment Professional. She now runs her own successful finance blog called “How To FIRE”, where she writes about financial independence and early retirement.

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