Quick Answer
AAG (American Advisors Group) no longer exists as a standalone company. In March 2023, Finance of America acquired AAG's business, and the AAG brand was retired — its reverse mortgage operation continues today under Finance of America Reverse. Existing AAG loans were not changed by the sale: the terms, protections, and non-recourse guarantee stay exactly as written, though the servicer's name on statements may look different. Anyone shopping today can access the same products AAG offered — and compare them across several lenders — through an independent broker.
The Short Answer: AAG Was Acquired in 2023
American Advisors Group — founded in 2004 and headquartered in Orange, California — spent roughly a decade as the largest reverse mortgage lender in the country. In March 2023, Finance of America completed its purchase of AAG's business. For a short while loans were written under "AAG, a division of Finance of America," and then the AAG name was retired altogether. The people, the products, and the loan pipeline largely carried on — under the Finance of America Reverse name. So AAG didn't collapse or get shut down by regulators; it was bought by a competitor, which is common in the mortgage world when interest rates shift.
If You Already Have an AAG Loan
The most important thing to know: a sale of the lender does not change your loan. Your reverse mortgage is a contract, and every term in it survives:
- Your interest rate, line of credit, and monthly payments (if you chose them) stay exactly as written
- The FHA insurance and non-recourse protection on a HECM are unchanged — you or your heirs never owe more than the home's value
- You still don't make monthly mortgage payments; you still must keep property taxes, insurance, and upkeep current
- What may change is the name on your statement — loan servicing companies like Celink or PHH handle billing for many lenders, and servicers do get swapped from time to time
If a statement arrives from a company you don't recognize, don't panic — and don't ignore it either. Call the number on a previous statement, or have someone you trust verify the new servicer is legitimate before sending anything.
About Those Tom Selleck Commercials
AAG's marketing was some of the most effective the industry has seen — Tom Selleck's calm, direct delivery put reverse mortgages in front of millions of households starting in 2016. After the acquisition, Selleck appeared in Finance of America's advertising as well. The commercials were good at one thing: making people comfortable enough to ask questions. What a 60-second spot can't do is tell you whether a reverse mortgage fits your situation, compare one lender's pricing against another's, or sit with you at your kitchen table. That part was always going to be a person, not a celebrity.
A Pattern Worth Knowing: Names Change, Loans Don't
AAG isn't the only familiar name that's moved on. Wells Fargo, Bank of America, and MetLife all exited reverse mortgage lending years ago. Reverse Mortgage Funding wound down in 2022. Champion Mortgage stopped originating and became a servicing name. The industry consolidates, brands retire, and servicing rights get sold — none of which touches the terms of an existing loan. It's one more reason to choose a reverse mortgage based on the product, the pricing, and the person explaining it to you, rather than the brand running the most ads that year.
