Leading reverse mortgage lender American Advisors Group (AAG) last week announced a partnership with an organization called VGM Live at Home, a nationwide, collaborative membership community with services for independently owned and certified accessible home modification providers and contractors.
As a part of the partnership, AAG has become the organization’s official “equity solutions provider,” according to the announcement, potentially providing an option for members of the membership community to finance home modification efforts through AAG’s suite of government-sponsored and proprietary reverse mortgage products.
“The partnership allows VGM’s members to connect customers with AAG to help them understand options for accessing their home equity to fund important home modification projects,” according to an announcement issued by the organizations.
Such an accord will potentially help to expand the base of reverse mortgage borrowers served by AAG, according to a company executive.
“This partnership is a perfect combination of two category leaders focused on the same mission of helping seniors,” said Jesse Allen, AAG EVP of alternative distribution in the announcement. “Our data shows that the pandemic caused an increasing number of American seniors to want to age in the comfort of their home, but only 3% of older Americans have homes that are safe enough to do so. This partnership offers an exciting opportunity to impact in a meaningful way the lives of customers, families, and communities.”
Stemming from a recent survey conducted by the lender regarding preferences of an overwhelming majority of seniors to age in place, the same survey indicated that many of those same respondents do not have homes equipped to accommodate the needs that come with aging. The announcement also cites data from the Centers for Disease Control and Prevention (CDC) indicating that 3 million older Americans are treated for emergency injuries due to falls and over 800,000 are hospitalized at an estimated cost of over $50 billion USD.
“We’re excited to add AAG as a partner and look forward to the value they can provide to our members,” said Jim Greatorex, VP at VGM Live at Home. “We have seen first-hand how they have impacted the senior community with the financial solutions they have for older Americans and now our associated businesses will have the opportunity to leverage their services to help seniors across the nation.”
The partnership will allow VGM Live At Home members to connect their senior customers directly with AAG loan officers in their local area, the announcement said.