AAG reverse mortgage: program parameters under Finance of America Reverse

AAG, the brand once owned by American Advisors Group, has been a marketing brand of Finance of America Reverse LLC (FAR), NMLS #2285, since the 2022 acquisition. AAG itself is no longer a standalone lender. New AAG-branded reverse mortgages are originated, underwritten, and serviced by FAR under FAR's license, FAR's pricing, and FAR's HECM parameters. The Tom Selleck commercials and the AAG.com landing pages still run; the loan behind them is a FAR HECM. The figures below are pulled from FAR's published HECM rate and parameter sheet.

Last reviewed 2026-05-20

Who is AAG now?

American Advisors Group, founded in 2004, was the largest HECM originator in the United States for most of the 2010s. In December 2022, after a difficult year for the reverse-mortgage sector (Reverse Mortgage Funding filed Chapter 11 the same quarter), AAG's reverse-mortgage assets were acquired by Finance of America Companies, the parent of Finance of America Reverse. The acquisition closed in early 2023. The AAG brand was retained as a consumer-facing marketing entity; the underwriting, NMLS license, and servicing all moved to FAR.

This matters at a practical level. If you apply through an AAG.com lead form or call an AAG phone number, the disclosures you sign are FAR disclosures, the loan is funded against FAR's HECM parameter sheet, and the servicing relationship after closing is with FAR (or with the sub-servicer FAR contracts). The borrower-facing experience is consistent with how AAG operated pre-merger, but the entity on the note is not American Advisors Group.

The same parent company also issues the HomeSafe jumbo program. The two products sit under one lender. If a borrower is initially routed to an AAG HECM but the home value exceeds the FHA HECM limit of $1,249,125 (HUD Mortgagee Letter 2025-22, effective January 1, 2026), the same originator can present HomeSafe as a jumbo alternative. The HomeSafe parameter card is at /programs/homesafe.

Published parameters

Source: Finance of America Reverse: HECM rate and parameter sheet (issuing entity behind the AAG brand); NMLS Consumer Access entry for Finance of America Reverse LLC, NMLS #2285 · last verified 2026-05-20

Apply for AAG / FAR HECM through Finance of America Reverse →

Eligibility specifics

The federal HECM rules govern AAG's program because it is a HECM. There is no AAG-specific overlay that admits a 58-year-old borrower or one with a $1.5M home draw above the FHA cap. The five eligibility tests that apply are:

Age. 62 minimum for the youngest borrower on the title. A non-borrowing spouse younger than 62 is protected under HUD Mortgagee Letter 2015-15 if the spouse meets the eligible-non-borrowing-spouse criteria; the spouse can remain in the home after the borrower's death without the loan becoming due and payable.

Property. Primary residence. Single-family, FHA-approved condo, manufactured home that meets HUD's foundation requirements (HUD Handbook 4000.1, II.A.1), or 2–4 unit property where the borrower occupies one unit.

Equity. The principal limit factor table (HUD PLF table) determines how much of the home's appraised value (capped at $1,249,125) is available to the loan. The PLF is driven by age, expected rate, and the 3.0% floor. Existing forward mortgage balances are paid off at closing from loan proceeds; the remainder is the net draw.

Financial assessment is required for every HECM since 2014 (HUD Handbook 4000.1, II.B.6). FAR runs the assessment to FHA's published standard, not an overlay. Credit, residual income, and a tax-and-insurance payment history are reviewed. Active foreclosure or recent bankruptcy is typically disqualifying.

A HUD-approved counseling certificate is required at application. The session covers obligations, costs, and alternatives. The counselor is independent of the lender. The list of approved agencies is at hud.gov.

How it compares

Against Longbridge Financial's HECM (/programs/longbridge), the two programs are similar at the parameter-sheet level. Both are HECM-only at the federal cap, both follow the HUD PLF table, both carry the same MIP structure. Where they differ is in pricing margin (lender-specific, refreshed weekly on /rates), origination-fee schedule, and the closing-cost line items each lender chooses to absorb or pass through. The differences are real but small relative to the federal-rule constants.

Against FAR's HomeSafe jumbo (/programs/homesafe), the comparison is structural. AAG/FAR's HECM caps at $1,249,125 and is FHA-insured; HomeSafe caps the loan at $4M and is not FHA-insured. A borrower with a $900K home is almost always better served by the HECM. A borrower with a $1.8M home should run both calculations: HomeSafe captures equity above the FHA cap that HECM ignores, but HECM brings federal non-recourse statute, MIP-funded insurance, and the line-of-credit growth feature that no jumbo program replicates.

Against non-FAR HECM lenders broadly, the AAG brand carries the largest consumer-brand recognition footprint in the sector, but brand recognition is not a parameter on the loan. Counselors will say the same.

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