With the help of paid celebrities, American Advisors Group was able to take advantage of the exit of major players to grow and become the largest reverse mortgage lender.
The Orange, California-based company was founded in 2004 by 26-year-old Reza Jahangiri. The lender began operations in a 300-square-foot office near the John Wayne Airport.
AAG has gone from closing fewer than 300 loans in 2007 to almost 13,300 loans in 2014. It is now the biggest reverse mortgage lender in the country.
Source: Mortgage Daily
