American Advisors Group (AAG) is an American
reverse mortgage
A reverse mortgage is a mortgage loan, usually secured by a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthl ...
lender.
It provides government-insured Home Equity Conversion Mortgage (
HECM) loans and has 81 geographical areas approved for business by
HUD
Hud or HUD may refer to:
Entertainment
* ''Hud'' (1963 film), a 1963 film starring Paul Newman
* ''Hud'' (1986 film), a 1986 Norwegian film
* ''HUD'' (TV program), or ''Heads Up Daily'', a Canadian e-sports television program
Places
* Hud, Fa ...
.
History
The group was founded in 2004 by
Reza Jahangiri, president and
chief executive officer
A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...
.
In June 2009 the company received a capital-infusion commitment from private-equity firm JAM Equity Partners of
El Segundo, California
El Segundo ( , ; ) is a city in Los Angeles County, California, United States. Located on Santa Monica Bay, it was incorporated on January 18, 1917, and is part of the South Bay Cities Council of Governments. The population was 16,731 as of th ...
, an investment said to give AAG "the resources needed to compete on a national level with a
celebrity
Celebrity is a condition of fame and broad public recognition of a person or group as a result of the attention given to them by mass media. An individual may attain a celebrity status from having great wealth, their participation in sports ...
spokesperson and
obuild a
recognizable brand." At the same time, the company announced "a new management team" from Liberty Reverse Mortgage/Genworth and the Senior Lending Network. Jahangiri told ''Reverse Mortgage Daily'' that the company would be "sticking with retail" rather than moving to other aspects of the business.
Thefirm completed its first Home Mortgage-Backed Security
(HMBS) issuance in July 2013, after receiving approval from
Ginnie Mae
The Government National Mortgage Association (GNMA), or Ginnie Mae, is a government-owned corporation of the United States Federal Government within the Department of Housing and Urban Development (HUD). It was founded in 1968 and works to exp ...
, in a program said to be "an essential financial solution for a growing number of senior citizens.". The company was named as the leading HMBS issuer for the first half of 2015, according to NewView Advisors, LLC.
Scope
AAG provides government-insured Home Equity Conversion Mortgage (
HECM) loans and has 81 HUD-approved areas for business.
The organization is headquartered in
Orange County, California
Orange County is located in the Los Angeles metropolitan area in Southern California. As of the 2020 census, the population was 3,186,989, making it the third-most-populous county in California, the sixth-most-populous in the United States, a ...
.
[Jeff Collins, "American Advisers Group Sees Rapid Growth," ''Orange County Register,'' December 5, 2013, page 1](_blank)
/ref>
The firm launched its wholesale division in June 2012. It launched its National Field Sales (NFS) division in 2014.
Marketing
Spokespeople
In October 2009, the firm announced that film and television actor Peter Graves
Peter Graves (born Peter Duesler Aurness; March 18, 1926 – March 14, 2010) was an American actor. He was best known for his role as Jim Phelps in the CBS television series '' Mission: Impossible'' from 1967 to 1973 (original) and from 1988 to ...
had been selected as the spokesperson for the second half of the company's national media campaign, which in its first phase had featured "personalized stories" of the way that reverse mortgages had affected homeowners. He remained spokesman until his death in March 2010.
Former U.S. Senator Fred Thompson
Freddie Dalton Thompson (August 19, 1942 – November 1, 2015) was an American politician, attorney, lobbyist, columnist, actor, and radio personality. A member of the Republican Party, he served as a United States Senator from Tennessee f ...
of Tennessee
Tennessee ( , ), officially the State of Tennessee, is a landlocked state in the Southeastern region of the United States. Tennessee is the 36th-largest by area and the 15th-most populous of the 50 states. It is bordered by Kentucky to th ...
became the AAG spokesman in May 2010 until his death on November 1st, 2015. Their latest spokesman as of 2021 is actor Tom Selleck
Thomas William Selleck (; born January 29, 1945) is an American actor. His breakout role was playing private investigator Thomas Magnum in the television series ''Magnum, P.I.'' (1980–1988), for which he received five Emmy Award nominations f ...
.
References
{{Reflist
Financial services companies of the United States
American companies established in 2004
Financial services companies established in 2004
Mortgage lenders of the United States
Companies based in Orange, California
2004 establishments in California
2004 establishments in the United States
Companies established in 2004