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      July 10, 2020

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Reverse Mortgages

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  2. Finance of America
  3. Home Point Financial
  4. AAG
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LendingTree vs American Advisors Group

To help you find the Best Reverse Mortgages, TopConsumerReviews.com provides you with an in-depth comparison of LendingTree and American Advisors Group.

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Get Your Reverse Mortgage at One Reverse Mortgage Today! If you're age 62 or older, you may have received information regarding reverse mortgages as a means of increasing your income during your retirement years. What is a reverse mortgage, and how does it work?

Unlike a traditional mortgage, where you pay a lender monthly and build up the equity in your home, a reverse mortgage allows the borrower to convert the already-established equity in their home into cash. In other words, with a reverse mortgage, you receive payments from the lender based on the value of your home and the amount of equity you've built up over the years.

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Best Reviews

2020

Reverse Mortgages

2.5 stars
American Advisors Group

AMERICAN ADVISORS GROUP

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If you've ever seen an infomercial on TV regarding reverse mortgages, you're likely familiar with American Advisors Group (AAG) already. With Tom Selleck as their spokesperson and as the lender with the highest number of closings on reverse mortgages in the nation, AAG definitely has name recognition that is not easily matched by the competition.

Our experience with trying to use AAG was not as smooth as we expected from such a well-known lender. On the main page, after we clicked on the first "Learn More" button, we were asked to enter our name, address, phone number, value of the home, and any existing mortgage balance. Unlike most of their competitors, who at this stage then offer an estimate of the available loan amount, AAG only informed us that we'd be getting a DVD in the mail and a phone call from a representative. We'd definitely have preferred to get details related to any loan products for which we were eligible.

After clicking on the second "Learn More" button, we were taken to an FAQ page. For a customer just starting out, they may not even be sure what questions to ask; it would be more helpful to get a summary of their loan programs, applicable fees, and so on. Instead, the FAQ makes it very difficult to tell at-a-glance what types of loans AAG has and what a customer should expect to pay in closing costs and other fees.

However, one of the largest concerns we have with AAG is their reputation. Despite positive testimonials on their website, we found that their rating with the Better Business Bureau was only a B+ at the time of our review. Looking further, we found that in late 2016, AAG settled in court over allegations of misrepresentation to their customers: having falsely told them that "consumers could not lose their home" and telling prospective customers that "they would have no monthly payments...and be able to pay off all debts." AAG was required to pay a civil penalty of $400,000.

Given the sensitive nature of the reverse mortgage process, especially for our nation's seniors, we were very discouraged to hear that AAG had such problems with false representation.

Despite having the highest number of reverse mortgage closings in the nation, we feel strongly that your experience will go much more smoothly with another lender in our review.

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Continued from above

The most common option is known as an HECM (Home Equity Conversion Mortgage), and these loans can be used for basic monthly expenses, medical care, or whatever need you may have. Some of the requirements of obtaining a reverse mortgage are primary residency (living in the home for at least 183 days per calendar year) and participating in a counseling session with an HUD counselor over the phone or in person. Once you have a reverse mortgage, you will still be responsible for paying all applicable property taxes, maintaining the property, and keeping your homeowners' insurance policy up-to-date.

For those shopping for the best reverse mortgage, scouring the internet first provides a large list of quality companies with the most competitive rates.

When you're ready to begin considering lenders for your reverse mortgage, you should keep in mind the following criteria:

  • Rates and fees. What will it cost you to get a reverse mortgage with this lender? Are they transparent with their rates and fees?
  • Process and approachability. It's easy to get confused by the process of getting a reverse mortgage, or by the terms and conditions once the loan is in place. Does the company seem approachable and helpful? Is the website easy to use?
  • Reputation. Is the lender a member of the National Reverse Mortgage Lenders Association (NRMLA)? Do they have a solid track record for treating customers fairly and providing enough information and support during the process?

TopConsumerReviews.com has reviewed and ranked best Reverse Mortgages available today. We hope this information helps you or your loved ones find the right Reverse Mortgage to meet your needs!

Hurricane fallout creates financial ruin for Puerto Rico's seniors with reverse mortgages

Reverse mortgages are failing at nearly double the U.S. national average in Puerto Rico, a problem magnified by natural disasters.

Published:  Thu, 02 Jul 2020 08:26:15 GMT



9 key benefits of a reverse mortgage

As one of the initial uses of a reverse mortgage, a borrower's original mortgage, if one exists, will be paid off in-full, therefore eliminating their monthly mortgage paymen ...

Published:  Thu, 25 Jun 2020 17:16:00 GMT



Foxx and Associates Announce New Reverse Mortgage Venture: Florida's Reverse Mortgage Center

Clearwater, FL, July 09, 2020 --(PR.com)-- Foxx and Associates have announced a new venture, Florida's Reverse Mortgage Center, a company created to educate and help seniors navigate the Reverse ...

Published:  Thu, 09 Jul 2020 00:11:00 GMT



Reverse Mortgage Counselors: Clients More Informed, Resources Strained During Pandemic

Reverse mortgage clients appear to be better-prepared for their counseling sessions regarding their understanding of the reverse mortgage product category, a potential sign that the industry itself is ...

Published:  Wed, 08 Jul 2020 14:54:00 GMT



Reverse Mortgages Continue to Evolve

With almost all new reverse mortgage loans backed by the federal government, Uncle Sam continues to wield his power to overhaul the Home Equity Conversion Mortgage, or HECM, program. The goal is to ...

Published:  Mon, 29 Jun 2020 10:47:00 GMT



Using a reverse mortgage as an exit strategy

All these changes, spurred on by the coronavirus pandemic, have many Canadians turning to alternative mortgage lenders. An important thing to consider is that alternative lenders usually offer rates ...

Published:  Tue, 07 Jul 2020 03:04:00 GMT



Reverse Mortgage Capital Markets Show Strength During Pandemic Stress

The COVID-19 coronavirus pandemic had a pronounced effect on reverse mortgage capital markets shortly after the White House announced a national emergency related to the pandemic in March, but the ...

Published:  Mon, 06 Jul 2020 14:35:00 GMT



Reverse mortgage safeguards

There are many misconceptions surrounding reverse mortgages. There are only two reverse mortgage lenders in Canada and both of them have safeguards in place to ensure that the equity in your property ...

Published:  Sat, 27 Jun 2020 11:09:00 GMT



Reverse-Mortgage Borrowers Foreclosed From Class Suit on Insurance Fees, Circuit Says

The ruling effectively shuts down present and future court challenges to insurance rates if they were filed with the appropriate regulatory agency.

Published:  Wed, 01 Jul 2020 11:23:00 GMT



Plaza Home Mortgage remains committed to brokers throughout shifts in the market

Brokers who work with Plaza Home Mortgage benefit from a spectrum of programs and products to serve the needs of their borrowers.

Published:  Tue, 30 Jun 2020 21:02:00 GMT



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