American Advisors Group, which is often shortened to “AAG”, was founded in 2004 in Orange County, California. As of this writing, the company operated in 48 of the 50 states and is one of the largest reverse mortgage lenders in America. Over the years, two major celebrities have represented AAG in its commercials. The first was Peter Graves, the company’s spokesman from 2009-2010. From 2010 to present, American Advisors Group’s spokesman is Fred Thompson, who was a senator.
AAG has a simple but powerful slogan: Start Living A Better Life Today.
Do I Qualify for a Reverse Mortgage?
Whether you’re interested in receiving a loan from AAG or one of its competitors, it’s important to determine whether or not you’re eligible in the first place. Luckily, qualifying for a reverse mortgage is significantly simpler than qualifying for a forward mortgage, a refinance, or a home equity loan / line of credit. Essentially, you must be older than 61, and you must have a significant amount of equity in your home. If you have a mortgage balance, you’ll need to use the proceeds of your reverse mortgage to pay it off.
There are tools out there to help calculate how much you would be eligible to borrow, but essentially it comes down to this – your home’s value (higher = more), your age (older = more), and prevailing interest rates (higher = less).
More About American Advisors Group
If you are interested in learning more, it is easy to request a free information kit from the company’s website at AAG.com. There’s no obligation for receiving this information, and it’s a solid first step toward deciding if a reverse mortgage is right for you.