AAG Reverse Mortgage: What Happened to American Advisors Group?

The AAG reverse mortgage brand no longer exists. Finance of America acquired American Advisors Group on March 31, 2023, and by 2024 had folded the AAG name into the single Finance of America brand. Existing AAG loans kept their original terms and are still serviced normally.

For roughly fifteen years, AAG was the most visible name in this industry. It ran the national television campaign, it led the country in loan volume, and for many homeowners it was the only reverse mortgage company they could name. So when the brand quietly disappeared, a lot of people were left searching for an explanation.

Below is the factual record, drawn from public filings and regulator publications. Then comes the practical question underneath the search. If you were considering this loan, where should you go now?

Brian Albrich and Fairway Independent Mortgage Corporation are not affiliated with, endorsed by, or sponsored by American Advisors Group, AAG, Finance of America Companies Inc., or Finance of America Reverse LLC, and are not affiliated with HUD, FHA, or any government agency. Company and product names are used here for identification and comparison only.

What Happened to the AAG Reverse Mortgage Brand

The timeline is straightforward. In December 2022, Finance of America Companies announced an agreement to acquire the assets of American Advisors Group. The transaction closed on March 31, 2023. Finance of America then spent the following year merging its two reverse operations, AAG and Finance of America Reverse. By 2024 both ran under one brand name.

That consolidation is why the AAG reverse mortgage website, phone numbers, and advertising all now route to Finance of America. Nothing about the underlying loan product changed. A Home Equity Conversion Mortgage is an FHA-insured program. The rules, the limits, and the borrower protections are set by HUD, not by whichever lender originates the file.

The move was part of a broader wave of consolidation. Over roughly the same period, Mr Cooper exited reverse origination and Rocket wound down its own reverse arm. That is why those two names also turn up in searches like this one. You can read the specifics on Mr Cooper and reverse mortgages and whether Rocket Mortgage does reverse mortgages.

Who Was American Advisors Group?

American Advisors Group was founded in 2004 and grew out of Orange, California into the largest direct-to-consumer reverse mortgage lender in the United States. At its peak it held the top spot for HECM endorsements year after year, and its direct marketing reached more than ten million consumers annually.

Scale was the whole model. AAG advertised nationally, answered calls in large centralized call centers, and originated in volume across every state where it was licensed. For a product that most homeowners had never heard of, that advertising did real work. It introduced the concept of a reverse mortgage to millions of households.

The tradeoff is the one you would expect from any national call center. Borrowers were generally matched with whoever picked up the phone, often in another state. That person rarely knew their county, their property type, or their local market.

What the AAG Reverse Mortgage Acquisition Means for Current Borrowers

If you already have one of these loans, the acquisition did not change your loan. Your interest rate, your payout structure, your principal limit, and your borrower obligations are all governed by the note you signed. An acquisition transfers the business, not the terms of an existing FHA-insured mortgage.

Here is a plain summary of what changed and what did not.

One useful note on servicing. The company that originated your loan is frequently not the company that services it. Servicing can also be sold more than once over the life of the loan. So if you are trying to reach someone about an existing AAG reverse mortgage, look at your most recent statement rather than searching for the original lender.

Did the AAG Reverse Mortgage Business Have Regulatory Problems?

Yes, and the record is public, so it is worth stating accurately rather than vaguely. The Consumer Financial Protection Bureau brought two actions against the company.

• 2016 consent order. The Bureau issued an administrative consent order addressing advertising that it found misrepresented a borrower's risk of losing the home, along with other advertising claims.
• 2021 action. The Bureau filed a complaint and proposed consent order alleging the company used inflated home value estimates in its marketing. The order required $173,400 in consumer redress and a $1.1 million civil money penalty. Full documentation is on the Bureau's enforcement action page.

I want to be careful here, because this is a competitor and the point is not to run anyone down. Thousands of AAG borrowers were served well, and a marketing enforcement action is not a verdict on every loan a company closed. The reason it belongs on this page is different.

Those two orders are a precise map of what to watch for from any lender. Overstated home values inflate what you think you can access. Softened language about your obligations hides the part that actually matters. Both are avoidable if you insist on real numbers and a plain reading of your responsibilities. That ground is covered further in reverse mortgage scams and red flags and is a reverse mortgage a scam.

Tom Selleck and the AAG Reverse Mortgage Commercials

Most people who search for this company are really remembering the commercials. Tom Selleck served as the national spokesperson for years, following Fred Thompson before him. Those spots put reverse mortgages in front of American households more than anything else did.

A celebrity endorsement tells you a company had an advertising budget. It does not tell you anything about pricing, service, or whether the loan suits your situation. The HECM is an FHA-insured product with terms set by HUD. So the loan a national advertiser offers and the loan a local specialist offers are the same loan.

What differs is everything around it. Who reviews your file, whether they understand your property type, and how quickly they answer when underwriting raises a question. Also whether they will tell you honestly when the answer should be no.

AAG Reverse Mortgage vs. a Local Specialist: What Actually Differs

Because the AAG reverse mortgage model was built on national call centers, comparing it to a local specialist is really a comparison of process rather than product. These are the differences that show up in practice:

• Who you talk to. A national center routes you to whoever is available. Working locally, you talk with the same person from the first phone call through closing.
• Local property knowledge. Central Oregon has manufactured homes, acreage parcels, and condo projects that each carry their own FHA considerations. Someone in another state is unlikely to catch those early.
• Home value accuracy. A specialist who knows the Bend market can give you a realistic starting figure instead of an optimistic automated estimate.
• Family involvement. Meeting in person makes it far easier to include a spouse, adult children, or a financial advisor, which most families want.
• Product range. Beyond the HECM, proprietary options can reach higher home values, finance some condos without FHA project approval, and start as young as 55 in certain programs.

None of this makes a national lender the wrong choice for everyone. Some homeowners genuinely prefer an entirely remote process. For a comparison across the current major lenders, see best reverse mortgage companies and the Mutual of Omaha reverse mortgage review.

What an AAG Reverse Mortgage Shopper Should Do in 2026

If your search started with the AAG reverse mortgage name and you are still weighing the decision, the brand change does not really alter your next steps. The product is the same. Your approach should be:

1. Get real numbers first. Your available amount depends on the age of the youngest borrower, current rates, and your home's value, subject to program eligibility and approval. Any figure that arrives before those inputs is a guess.
2. Compare at least two lenders. The FHA-insured loan is identical, but margins, lender fees, and service quality are not.
3. Read the obligations out loud. Property taxes, homeowners insurance, HOA dues, upkeep, and living in the home as your primary residence. Those five items are the whole ballgame.
4. Use the counseling session. HUD-approved counseling is required before a HECM, and the counselor is independent of the lender. Bring your questions to it.
5. Include your family. A reverse mortgage decision touches heirs, so bring them in early rather than explaining it afterward.

If you want the mechanics before you talk to anyone, how a reverse mortgage works and the reverse mortgage requirements page cover the fundamentals without any sales pitch attached.

Reverse Mortgage Help in Bend and Central Oregon

Bend is a natural market for this conversation. Roughly 21 percent of Deschutes County residents are 65 or older, well above the national share. The median Bend home value now sits in the mid-$700,000s, up from around $340,000 a decade ago. That combination, an older population sitting on homes that have appreciated sharply, describes a lot of my clients.

I am based at 601 NW Harmon Blvd in Bend and work with homeowners across Bend, Redmond, Sunriver, Sisters, La Pine, and Prineville. If you would like the local picture in more detail, the Bend reverse mortgage guide covers Central Oregon home-equity data, and reverse mortgage in Oregon covers statewide rules. The full lineup is on the reverse mortgage programs page.

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