Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

Review Of Reverse Mortgages From Fred Thompson's AAG Company

Thursday, November 3, 2011 - 8:52 PM
With interest rates so low it seems like more seniors may start looking at reverse mortgages as a way to get more money for their living expenses. As Clark Howard mentioned in his show notes:
Clark doesn't automatically recommend a reverse mortgage for anyone. You've got to do your own research to see if it makes sense for you and your situation.

The FTC also has a good overview of reverse mortgages.

I started to look into this after seeing those Fred Thompson commercials which promote the reverse mortgages offered by American Advisors Group. My suspicions grew about AAG grew after seeing some internet reviews.

I thought there may be some credit unions which offer reverse mortgages. This may provide lower fees than companies advertising on TV. Unfortunately, I only found one credit union offering reverse mortgages. It's Pentagon Federal Credit Union. However, they only offer these in Maryland, Virginia and DC. There's more info on PenFed's reverse mortgage here.
3
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,076
Reply