IRVINE, Calif. (September 14, 2021)—American Advisors Group (AAG), a provider of home equity solutions, announced its partnership with VGM Live At Home, a nationwide, collaborative membership community with services and solutions for independently owned and operated, certified accessible home modification providers and contractors. 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.
“This partnership is a perfect combination of two category leaders focused on the same mission of helping seniors,” said Jesse Allen, aag executive vice president of alternative distribution. “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.”
AAG’s products allow seniors to responsibly access their home equity to make home modifications needed to remain in their home long term. All AAG borrowers are required to live in the home as their primary residence and continue to pay their property taxes, home insurance and comply with the terms of their loan.
The idea for the partnership was born out of the need to help the large population of baby boomers prepare for their later years. According to a recent AAG study, over 80% of seniors wish to live in their home for the rest of their lives, but the vast majority do not have homes equipped for the journey. In fact, according to the Centers for Disease Control and Prevention, each year 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. AAG believes this issue can be countered with the responsible use of home equity to help seniors fund their home safety and preparedness projects.
“We’re excited to add AAG as a partner and look forward to the value they can provide to our members,” said Jim Greatorex, vice president 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.”
In the agreement, VGM Live At Home members will now be able to connect their senior customers directly with AAG loan officers in their local area. These loan officers will work in person with each individual client and their families to discuss the financing options they have available to fund home modifications unique to their situation, such as installation of shower rails, stair lifts or wheelchair ramps. As part of the partnership, AAG will also provide VGM Live At Home members with educational material about home equity usage and will take part in industry related events such as the VGM Heartland Conference.
AAG’s partnership with VGM Live At Home is another step in ensuring that seniors have access to the best resources available for their later years. Along with this partnership, AAG is also working with the Better Business Bureau to add home improvement related scam awareness to their annual Savvy Seniors partnership. This multi-tiered approach, coupled with existing requirements for HUD approved third party counseling as a part of the reverse mortgage process, provides seniors with industry-best practices when working with service companies who provide home modification.