Reverse mortgage lender American Advisors Group (AAG) reports that, after testing the waters last year, it is officially ready to start offering traditional mortgages.
In addition, the lender is expanding into the northern California market and has leased 11,037 square feet of office space in Folsom, Calif.
Last year, AAG set up a “test kitchen” and began testing demand for traditional mortgages and residential services, including establishing a real estate broker referral system for customers who were interested in selling or buying homes.
“For many retirees, income from savings and retirement accounts isn’t enough to cover expenses, and they experience a significant drop in their quality of life,” says Reza Jahangiri, CEO of AAG, in a release. “At the same time, older Americans have amassed over $6.5 trillion in home equity. What we’ve seen is that when seniors include home equity in their retirement planning, proactively, they have better outcomes. And by providing a variety of options for accessing home equity, AAG is better able to serve our customers, especially those entering or in retirement.”