What Happened to AAG? Where the Tom Selleck Reverse Mortgage Company Went
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.
If you remember Tom Selleck sitting by a fireplace explaining reverse mortgages, you remember AAG. American Advisors Group was the biggest name in the business for years — its commercials ran constantly, and for many homeowners "AAG" and "reverse mortgage" meant the same thing. Then the ads changed, the name faded, and people started searching: where did AAG go? Here's the short version, and what it means whether you have an AAG loan or you're just starting to shop.
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.
What This Means If You're Shopping Today
Here's the practical takeaway: the company from the commercials is gone, but nothing it sold was exclusive. The FHA-insured HECM is the same federally regulated product no matter which lender's name is on the paperwork — same insurance, same counseling requirement, same protections. What differs between lenders is pricing: margins, origination fees, and credits can vary meaningfully. That's the argument for working with an independent broker rather than calling whichever company advertises the most. Miguel is approved to broker with several national reverse mortgage lenders — including Finance of America, the company that absorbed AAG — as well as Mutual of Omaha, Longbridge Financial, Liberty Reverse Mortgage, Nationwide Equities, and American Senior Lending. He's independent: not affiliated with, sponsored by, or endorsed by any of them, which means he can put their quotes side by side and let the numbers argue.
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.
Key takeaways
- AAG no longer exists as a standalone brand — Finance of America acquired its business in 2023.
- A lender sale never changes an existing loan's terms, FHA insurance, or non-recourse protection.
- Questions about an old AAG loan go to the servicer named on your latest statement.
- The HECM is federally regulated and identical across lenders; compare pricing, not commercials.
- An independent broker can quote Finance of America and its competitors side by side.
Frequently asked questions
Did AAG go out of business?
Not in the sense of failing — AAG's business was acquired by Finance of America in March 2023, and the AAG brand was retired. Its reverse mortgage operation continues under Finance of America Reverse.
I have a reverse mortgage from AAG. Is my loan still valid?
Yes, completely. A lender being sold doesn't change a single term of your loan — your rate, your line of credit, the FHA insurance, and the non-recourse guarantee all stay as written. Only the servicer's name on your statements may change.
Who do I contact about my old AAG reverse mortgage?
Check your most recent loan statement — the servicer listed there (often Celink, PHH, or another servicing company) handles payments, payoff quotes, and questions. If you're unsure a new statement is legitimate, call the number from an older statement to verify before responding.
Is Tom Selleck still doing reverse mortgage commercials?
After the acquisition, Tom Selleck appeared in Finance of America's advertising, continuing the role he'd played for AAG since 2016. Either way, a spokesperson's job is to get your attention — the actual decision deserves real quotes and independent counseling.
Can I still get the same reverse mortgage AAG offered?
Yes. The FHA-insured HECM that AAG primarily sold is a federally regulated product available through many lenders — including Finance of America, which absorbed AAG. An independent broker can quote it across several lenders so you can compare pricing rather than take one company's offer.