American Advisors Group

Dear Sir/Madam,
Please see the attached written response from AAG. 
This loan was reviewed by our Underwriting and Auditing Departments, and we found that the loan was correctly originated in compliance with HUD/FHA and all state and federal...

guidelines.
We are unable to refund the appraisal and HECM counseling fees.
Please feel free to contact me on the phone number or email address below:
Sincerely,
[redacted]
American Advisors Group
Complaint Resolution Manager
[redacted] Ext [redacted].

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
I agree with AAG reference my credit problems, as I stated in my complaint I told [redacted], loan officer, that the first time I spoke with him. At that point he should have referred me to someone who would check my credit before I ever started the process.But no he had told me that everything would be all right as long as I explained why I had credit problems. Not once but twice he sent me and my realtor a conformation letter that I was qualified and was approved for the reverse mortgage purchase. My realtor sent copies of the approval to the sellers realtor. So not only me but the sellers believed that all was a go.I had all ready put $2000 down for deposit. [redacted] then has me pay for a certificate, $125, that I was required to purchase. So we are now at $2125. Next I had to have the property inspected, $350. = $2475.  and last I was required to get an appraisal, that was $450 which equals $2925 that I lost.Four days before the closing I get a call that AAG needs me to show more income. Why is this just now coming up. And why do I need more income for a loan that does not have any payments.The sellers moved the week before the closing thinking everything was going smoothly. They also suffered greatly having to put the house back up for sale and continue to make their loan payments.I AM COMPLAINING THAT AAG DOES NOT KNOW WHAT THEY ARE DOING AND HAVE COST ME $2925, WHEN THEY SHOULD HAVE CHECKED MY CREDIT REPORT FIRST THING. IF I HAVE TO GET AN ATTORNEY AND FILE IN SMALL CLAIMS COURT I WILL. THIS IS A TOTAL RIP OFF AND BEING A SENIOR CITIZEN I FEEL I HAVE BEEN TAKEN ADVANTAGE OF. 
Regards,
[redacted]

Good Morning,A written response was mailed to the Consumer on May 27, 2015. The Consumer has been placed on the Do Not Contact List. Please contact me if you have any questions.Sincerely,[redacted]American Advisors GroupComplaints Resolution Manager[redacted] Ext. [redacted]

Good Morning-AAG has mailed a copy of the attached Consumer complaint to the Consumer. AAG has followed all standard industry, state and HUD/FHA guidelines during the processing of this loan, and continues to work with the Consumer to fund this loan in a timely manner.
Please feel free to...

call or email me with any questions or requests for clarification.Sincerely,
[redacted]
American Advisors Group
CARES Manager
[redacted] Ext. [redacted]
Dear Mr. [redacted],
American Advisors Group, (hereinafter AAG), is in receipt of correspondence from the Revdex.com received on May 19, 2016. We appreciate the opportunity to respond to your concerns.
In your correspondence, you stated the following:
“We started the process of a reverse mortgage in January of 2016 and was told that it would take 30 days to complete it has now been almost 120 days (4 months). Every time we complete something that they want they then decide that something else needs to take place at a cost. We don't have to pay it out right but it will come off the money that would be available to us, which is almost down to nothing for the first year now. When we committed to one of the AAG rep that they had a 90% dissatisfied rate she they didn't care. What kind of business would want this kind of rating? I am appalled by the tactics that this business uses to swindle senior citizens. They don't want to help. We have gone had to talk with three or four different people and no one know what the other has done. They are always home. This has gone on far too long. Everything about AAG is false. I wish we had never started this. I'm wondering what hoop I will have to jump through next to get this completed.”
Firstly, AAG would like to apologize for any inconvenience you have experienced during the processing of your loan. We are never happy when our valued borrowers, like yourself, express dissatisfaction with the service we have provided. Please be assured that you are very important to AAG, and without youemployees are taught to Care for, and treat our borrowers, and everyone we come into contact with every day in an Ethical manner. We are Driven to ensure we do the best for our borrowers in every respect.
Regarding your statement that you were told the loan would take 30 days to close, this is regrettable. All AAG employees are given strict instructions not to promise a timeline that may be difficult or impossible to achieve. I will be addressing this with the loan officer and if it is confirmed they mentioned this timeline, they will be subject to training and/or other actions to avoid a recurrence of such statements.Regarding the costs- Every HECM applicant is required to undergo counseling from an FHA approved housing counseling agency before completing the application. Similarly, every property must be appraised by an FHA approved appraiser to establish value, that will help to determine the amount of the loan. The survey that you were asked to obtain is a critical component of the title process. For properties that do not have a survey, it is difficult to establish legal descriptions and the proper square footage to be encumbered by the loan. Additionally, due to HUD/FHA requirements, we are required to obtain confirmation from an approved contractor that the distance between the well, septic tank and leech fields are all FHA compliant.
A delay was faced when the appraiser came to your property, and you declined to grant head and shoulder access to the attic which was partially blocked by shelving. The appraiser needed to make a second visit to your home to achieve this. An FHA requirement, among many others, is that the appraiser have access to conduct his inspection.
Regarding your comments of our customersatisfaction rating-AAG always works very hard to ensure that our borrowers receive the highest level of customer satisfaction. Because AAG originates more loans than any other reverse mortgage lender in the country, we will, by default receive some unsatisfactory reviews. We consistently hold a customer satisfaction rating of 97%. I am not sure where your figure of 90% dissatisfied customers was obtained from, and which AAG employee you spoke with who stated she did not care about our satisfaction rating. We always strive to provide the highest level of customer service as our borrowers are our partners in what, for some, may be the biggest decision of their lives; and to close loans in a timely manner so our borrowers begin benefitting from the reverse mortgage. We are in good standing with the Revdex.com and have an A+ rating with them. Because we are an FHA approved mortgagee, we are able to close loans more efficiently than most reverse mortgage companies, who do not originate as many loans.
As of Wednesday May 18, 2016, AAG's Processing Department mailed you a bid from Fidelity Homestead Associates, a contractor management company, to sign and send back to them so a survey of your property can be done to move the process forward. We look forward to continuing to working with you to fund your loan.
We hope this letter has addressed all of your concerns. Please do not hesitate to contact me if you have any questions.
Sincerely,
[redacted]
American Advisors Group
CARES Manager
[redacted] Ext. [redacted]

We were very pleased with the program offered by AAG and the services provided. Everyone we dealt with was knowledgeable and experienced. Our questions were answered promptly and our calls were always returned in a timely manner. We have and will continue to recommend AAG.

To who it may concern, American Advisors Group strives to provide consumers, as well as our borrowers with the highest level of service possible and we appreciate the opportunity to address any concerns they may have. We have conducted a thorough review of the details associated to this...

concern and have found that all aspects of the origination were completed properly and in accordance with all local, state and federal requirements. In response to the consumers concerns, AAG has responded directly in a formal letter, mailed as of today, 12/21/2017, detailing each listed concern individually. In addition, we have attached a copy of our response letter herein for review by the Revdex.com. Again, AAG appreciates the opportunity to address these concerns. Please feel free to contact us with any additional questions at the following: AAG CARES Department ###-###-#### 3800 W. Chapman Ave Orange, CA 92868

good

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution would be satisfactory to me.  I will wait for the business to perform this action and, if it does, will consider this complaint resolved.
Regards,
[redacted]

Good Afternoon,
AAG's Response is uploaded for the Consumer's review. AAG is satisfied that it originated and processed this loan with all the due diligence required by industry lending standards, and by state and federal guidelines. 
We believe we have provided the Consumer with a detailed and transparent explanation for the denial of his loan, and consider this matter closed.
Please feel free to call or email me with any questions.
Sincerely,
[redacted]
CARES Manager
American Advisors Group
866-948-0003 Ext. 581
[redacted]
 
Dear Mr. [redacted],
American Advisors Group (herein AAG) is in receipt of the above referenced correspondence via the Revdex.com received on May 16, 2016. We appreciate the opportunity to address your concerns.
Your rebuttal is in response to AAG's written response mailed to you and uploaded to the Revdex.com portal on May 11, 2016:
“AAG didn't answer my questions. First of all I was never told about the income requirement and since there is one now, so why did AAG proceed with my loan application after the notary came on Aug. 10, 2015? AGG knew at this time what income I had and that [redacted] lived on the property. The loan should never have gone past this point. I had to pay for an appraisal, (which I have never received an appraisal report) and AAG asked me to do some repairs to the property. I never complained about AAG wanting a copy of the Trust, but having to amend the trust. It was not my lawyer, [redacted] who held up the process but [redacted]. I felt that AAG put [redacted] and me through six months of stress for nothing, when AAG knew from the very beginning that I didn't meet the income requirement and never mentioned that there was an income requirement till the final letter.” [End].
As stated in our previous response letter, AAG sincerely apologizes for any misunderstanding you may have experienced during the loan process. We would, however, like to again dispute your claim that AAG never advised you of the income requirement. AAG requested various forms of income verification from you very early in the process. With your permission, AAG requested IRS Form 4506-T Request for Transcript of Tax Return for 2012, 2013, and 2014 to confirm your income for those years. I will mail you the document in question but will not include it in the response to the Revdex.com due to consumer privacy responsibilities we owe you as a borrower and consumer. AAG also requested, and you supplied, a Social Security Administration Notice of Award letter showing your monthly income from that source. Like the document above, AAG cannot share this with the Revdex.com due to privacy issues but you have a signed copy that you may refer to. Additionally, you signed Fannie Mae Form 1009-Residential Loan Application- on August 15, 2015. In the Addendum to this form, you were asked, very early in the process, to provide Gross Monthly Income and Combined Property Expense Information which included the following:
Base Employment Income
Overtime
Bonuses
Commissions
Social Security Income
Pension/Retirement Benefits
Rental Income
Disability Benefits
Annuity Income
Other Income
You were asked on the same form to provide 2 years of employment history, a list of liabilities, and assets, and a schedule of real estate owned. Again, AAG regrets it cannot share this form on an open portal with the Revdex.com due to consumer privacy issues. However, you may refer to your copy signed on August 15, 2016.
You referenced your fiancé [redacted] and her occupation of the property with you. Her presence on the property was not a reason for the denial of your loan. The sole reason for the denial of your loan was your inability to document your income required to meet AAG's Lending Guidelines. I have enclosed a copy of that Notice of Denial, Termination or Change, dated February 10, 2016 and mailed to your address that same day.
I believe AAG has provided a transparent and detailed explanation of the reason your loan was denied. We are never happy when a loan does not fund as you, the borrower have not gotten what you came to AAG for. AAG is sorry it could not fund your loan. We also feel some of the pain in expending the number of employee and vendor hours for no return. We would like to encourage you to re-apply for a reverse mortgage when you are in a position to document your income that our underwriters can use to make a credit decision.
On the day your response rebuttal was received, I personally emailed you a copy of your Appraisal Report which should have been mailed with the Notice of Denial. Please accept our sincerest apologies if you did not receive a copy at that time.
Please do not hesitate to contact me anytime by telephone or email if you have any questions.
Sincerely,
[redacted]
American Advisors Group
CARES Manager
1-866–948-0003 Ext. [redacted]

Overall the experience was good save for the following issue:
On Friday July 22 e-mailed me to see if I had a survey on the house and property. I believe we talked on the phone about it after which I looked for one. I found something that I thought may be one. I called her and told her I found something but wasn’t sure. She said to just sent it, which I did. I didn’t hear back from her so I assumed everything was fine so I didn’t think any more of it. The following week she sent me an e-mail that I needed a survey. Now if she had looked at what I sent her right away and notified me immediately I would have gotten on the phone right away to find and make arrangements with a survey company to have the property surveyed after I got back. Now since that didn’t happen I sent following e-mail on Wed. July 27, 2016.
“Why wasn't this mentioned that I was going to need one before? I could have researched to see if there one already on file somewhere and/or made arrangements to have one done.”
After several e-mails back and forth over the next forty minutes concerning the cost and the like, in my frustration I sent the following e-mail.
“I just want to say something otherwise it's going to stew inside of me making me more upset later for not saying anything. It is not necessary to respond because I know it's not going to happen. I'm just wanting to get it off my chest. I understand any of the delays so far because they were on me, but this one is on you people. I think you should arrange and pay for the survey. Again I know it's not going to happen and I am not expecting a response.”
Now though being given a credit of five hundred dollars the cost of the survey still cost six hundred and fifty dollars. As I mentioned in this last e-mail I still feel AAG should foot the whole cost of the survey.
This whole episode cost considerable time which is going to delay me in getting some of the things I wanted to get done to the house until next year.

The reverse mortgage process went smoothly with few problems. I am satisfied with the way the process went.

Good Afternoon,
Please accept my apologies for the tardy response to this matter.
 
A copy of the attached response letter has been mailed to the Consumer. AAG is satisfied that we originated and processed this loan in accordance with standard industry, state and federal lending guidelines. The income and credit challenges were not too great for the loan to work, despite AAG's best efforts.
Please do not hesitate to call or email me with any questions.
Sincerely,
[redacted]
American Advisors Group
CARES Manager
[redacted] Ext. [redacted]
Dear Ms. [redacted]
American Advisors Group, (hereinafter AAG), is in receipt of correspondence from the Revdex.com received on May 6, 2016. We appreciate the opportunity to respond to your concerns, and apologize for the delay in responding to your important concerns.
In your correspondence, you stated the following:
“In February 2016 I contacted AAG reference a reverse mortgage. I was planning on buying a home for cash then getting a reverse mortgage to help pay for improvements. [redacted], a reverse mortgage professional, stated that there was a reverse mortgage purchase, they would pay for half of the cost of the home and I would pay the other half. From the very beginning I told Mr. [redacted] that I had credit issues. He said that it was not a problem as | only needed to explain what happened and they would approve me. I found a home and put $2000 down, also had to pay $125 for their counseling session. I also ended up paying $450 for an appraisal and $350 for a survey report. March 8, 2016 Mr. [redacted] sent out an email stating that I was approved for a Reverse Mortgage purchase. As the process continued there were other things to sign, arrange home owners insurance, utilities, get estimate for moving. We were told closing was on 4/29/2016, my loan number was [redacted]. Again Mr. [redacted] sent out an email stating I was approved for the reverse mortgage purchase. Four days before April 29, 2016 AAG called saying that I needed to show more income. explained that I worked full time and was receiving social security, I could not get any more income. At that point AAG said that I did not qualify for the reverse mortgage purchase. I am not sure why this was not the first thing they checked, but they let the process continue until I had paid a lot of money out of pocket and now at four days to closing they reneged on the contract stating that I was approved for the reverse mortgage purchase. I am not sure if this organization is a ripoff to seniors, a scam, or that they are just incompetent. I am writing to get $2925 returned to me as the cost of dealing with this inept company. I can not even value the stress and frustration I had dealing with all of this. AAG and [redacted] are by far the most ineffectual I have ever dealt with. I have copies of every email sent to me from this company.”
Firstly, AAG would like to apologize for any inconvenience you may have experienced during the processing of your loan. While we at AAG try out best to fund loans in a smooth and timely manner, there are occasions when this is not possible due to factors beyond our control.
In the case of your loan, you were advised by AAG that you needed to provide proof of additional income in order to qualify for the HECM for Purchase loan. Our Processing Department confirmed during the process, that your only source of income was Social Security benefits and Employment income, which did not qualify for the transaction. I would like to advise you of the three issues your loan faced, which that department shared with you:
“There were three major issues on Ms. [redacted]'s file, income being the biggest problem of the three. She also had derogatory accounts that would require the underwriter to ensure Ms. [redacted] has a fully funded LESA (Lifetime Estimated Set Aside) if extenuating circumstances were not documented. Ms. [redacted] also had two large judgments that would need to be paid off in full as she was not on a satisfactory payment plan. See the below breakdown.
Derogatory Accounts:
Ms. [redacted] had recent derogatory accounts of which we needed to document extenuating circumstances in order to get the fully funded LESA (Lifetime Estimated Set Aside) waived. When discussed this with her she understood exactly what I was asking for and said it would not be an issue for her to provide. After I spoke to her about this she had contacted the former **, [redacted] and sent him the attached e-mail. She was questioning the fact that we wouldn't close until her “Credit history was approved.”
Judgments:
Ms. [redacted] has two large judgments reporting on credit report that needed to be paid off before we could close as she had not been on a satisfactory payment plan for at least 3 months. She was aware that these judgments existed and confirmed that she had not been on a payment plan with the creditors to get them resolved.
Income shortfall:
At the time the loan was denied, we had a negative residual income shortfall of $361.77 and a $890.77 residual income shortfall. I confirmed with the borrower that she had no additional income. Social security and her $2,110 employment income was all she received. She was retaining her current residence so we were accounting for the mortgage on the property, taxes and insurance in our expense calculations—this is what caused the shortfall. I informed her that she needed to provide additional income or sell her current residence prior to our closing. [end].
Definition of Fully Funded LESA:
HUD/FHA provided this component of the Home equity Conversion Mortgage (HECM) to ensure that borrowers would not become incapable of paying property taxes and homeowners insurance over the life of the loan, and so jeopardize their ability to continue living in the property due to default.
The Financial Assessment, which reviews all borrower income and expenses, results in a calculated determination as to whether the borrower is capable of making on time payments towards property taxes and homeowners insurance, and still have funds left over for food, utilities, and other essentials. If, from credit history, income, and other factors, it appears the borrower would be unable to make timely payments on their own during the life of the loan, the fully funded LESA (Lifetime Estimated Set Aside) is required to be imposed. This means that an actuarially calculated lump sum amount is withheld from borrower funds at closing and used to pay make these critical payments when they become due for the estimated life of the borrower.
We apologize that, because of the three factors detailed above, namely derogatory accounts, judgments, and income shortfall, your loan, and the fact that you are retaining your current home, for which we have to factor in property charges for that home as long as you own it and have to pay property taxes, homeowners insurance and other expenses, for purposes of determining residual income, your loan could not fund.
The Financial Assessment process was explained to you and you acknowledged that you understood your loan would not be able to close unless we managed to prove extra income. You stated that it would not be a problem to provide proof of such income, or extenuating circumstances necessary to get your fully funded LESA waived. Because you were unable to provide proof of additional income, your loan was denied. AAG is sorry we could not fund your loan. We cannot and do not guarantee that loans will fund, and cannot provide refunds for expenses incurred during the loan process. The delays on the loan were not caused by AAG, but rather by the income shortfall, derogatory accounts and judgments your loan faced, and our inability, despite our best efforts to overcome those challenges.
We hope this letter has addressed all of your concerns. Please do not hesitate to contact me if you have any questions.
Sincerely,
[redacted]
American Advisors Group
CARES Manager
[redacted] Ext. [redacted]

Not satisfy, I only received 17,000.00 and they put the rest in escrows to pay homeowner insurance, I do not pay property tax, I am exempt, 100% veteran, I was told in November 2016, I could get 2,000.00, that will be all the money I will received, I made A Bad Decision with Reverse Mort-age.
Bad Decision! The Worse in My Life! [redacted]!

pROCESS TO ASSEMBLE NECESSARY DOCUMENTATION was rather lengthy, and was shuttled through four reps before finally getting approved

Dear Sir/Madam, Please let me begin this response to your rebuttal by reiterating our sincerest apologies that we were not able to work with you to complete this transaction.As an FHA approved lender, AAG has the duty and responsibility to every borrower to originate the loan in compliance with all HUD/FHA guidelines. Part of that obligation is to provide them with every opportunity to obtain the loan. There are many components to a reverse mortgage, and credit history is a very important but only one part of that process. AAG cannot deny or refuse to assist a borrower merely because there may be derogatory items on their credit history. We are often able to work with the borrower to provide letters of explanation for derogatory credit. While we are working to provide these explanations, an appraisal and inspection must be done on the property, and the loan must be underwritten to determine if the borrower satisfies all the criteria for a reverse mortgage based on that credit and other factors. I have attached an example of your explanation letters to explain collections, charge offs and judgments. (For Revdex.com reference only). In your case, you were approved for the loan pending satisfaction of certain credit conditions. AAG tried its best to overcome those conditions but we were not able to do so. I have attached the outstanding debt you would have had to pay in order to proceed to funding. The outstanding loans, which would have hat to be paid when the loan funded, caused your loan to be short to close. below is the explanation from the Sr. Processor. AAG regrets that you had to forfeit your $2000.00 earnest money deposit. A reverse mortgage is not guaranteed and this is explained to every borrower. At no time is a borrower advised that they will definitely qualify for the loan. I know that this explanation will probably not be satisfactory, but AAG believes it originated your your loan in compliance with all industry, state and federal guidelines and cannot provide the refunds you seek.Sincerely,[redacted]CARES ManagerAmerican Advisors Group[redacted] Ext [redacted]   
1. Income Shortfall: We have a total income shortfall of $685.76.
a. We are including the mortgages and property charges of the borrowers departure home (3129 Laird Drive) in the monthly expenses as she will be retaining this property. This accounts for $769.14 of her monthly expenses.
b. As she has collection accounts with a balance of over $2000, we are including 5% of each account in our monthly expenses as well. This accounts for $1,197.25 of her monthly expenses.

2. Satisfactory Credit is not met:

3. The borrower has the judgments filed against her and they are reporting on her credit report. As she has not been on a satisfactory payment plan for a minimum of 3 months, the judgments must be paid in full prior to our closing.
1. Income Shortfall: We have a total income shortfall of $685.76.
a. We are including the mortgages and property charges of the borrowers departure home (3129 Laird Drive) in the monthly expenses as she will be retaining this property. This accounts for $769.14 of her monthly expenses.
b. As she has collection accounts with a balance of over $2000, we are including 5% of each account in our monthly expenses as well. This accounts for $1,197.25 of her monthly expenses.

2. Satisfactory Credit is not met:

3. The borrower has the judgments filed against her and they are reporting on her credit report. As she has not been on a satisfactory payment plan for a minimum of 3 months, the judgments must be paid in full prior to our closing.

Revdex.com:
I have reviewed the response made by the business and find it inappropriate. This needs to be resolved now for my mother's health and well being. I am sure I will read the letter sent to my mother. We don't need a letter. It is way past due. This needs to be resolved and funds disbursed. Do it now!
Regards,
[redacted]

Outstanding- Jim the loan officer and his young team are professionals. I have no complaints

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
Regards,
[redacted]
Dear Sir/Madame:
 
False statements have been made by AAG regarding POA for my mother....as well as the status of the Reverse Mortgage, and this so called appointment with the vendor.   Mr. [redacted], Mgr. to my loan officer Mr. [redacted], informed me in mid December that my loan had been "Approved" by Underwriting , but that I needed to sign a paper giving them a contact name and number,, which I did do and sent that back to AAG immediately.  The second request was that I needed to supply AAG with a survey map showing where the well and septic/leach field was.  I informed Mr. [redacted], that I did not have a survey map showing that, and as a result, [redacted] contacted a vendor who then called me and left a message regarding an inspection.  I returned his call, and at that point "Jeremy" informed me that I would be better off  to contact a local plumber to measure distances...he told me it would BE MUCH CHEAPER to do that, so I agreed to call someone.  He informed me that he would email the underwriter to tell her that I was going to contact a local plumber.  However, after calling a few plumbers in my area, I found out that the cost just to "snake the septic system" (find out just where the septic tank was) would cost me at least $250 not counting finding the well or distances).  I made Mr. [redacted] aware of this and that I had called the vendor back, but this time spoke to "[redacted]".  I then told him that I could not afford to put out the $250 let alone the other costs involved to get a thorough measurement of both well, septic and leach field at this time, and therefore wanted to have some idea what the cost would be from the vendor to come out to my property to do this (my understanding is that this is a service that the vendor does for AAG, and in return AAG pays the vendor back with the money I am funded at closing).  I also told him that I would like to know what the total cost would be, as well as what the percentage I would be charged for them to be paid back for their services at closing.   [redacted] told me he would check into both my questions and get back to me the next day, but I never heard from neither [redacted] or Jeremy ever again. There NEVER was any appointment, not because I didn't ask for one, but because, again, the VENDOR NEVER CALLED ME BACK.
 In regard to the issue regarding Power Attorney for my mother, [redacted]:
 First of all, initially (at the very first telephone call to AAG) I discussed my mothers life time estate with the loan officer Mr. [redacted].  I immediately made him  aware of the fact that I am a caregiver for my 84 year old mother, who is not only totally deaf, but suffers from cardiac disease as well as dementia.   I told Mr. [redacted] that I have "DURABLE POWER OF ATTORNEY" for my mother and secondly I made Mr. [redacted] aware that I SOLELY HOLD TITLE to this property at [redacted] and that my mother has Life Time Estate at this address, and that fact is stipulated on the deed to this property.  Not only was Mr. [redacted] made aware of this, but at the time of my counseling with [redacted] (HUD Counselor) she too was made aware of this as well.  I actually signed my certificate, along with my husband, and I also signed as Power of Attorney for my mother [redacted].  In fact, [redacted] (Reverse Mortgage Counselor) also asked for a copy of the Power of Attorney, which I readily  faxed to her.  Never, at any time, was I asked to sign any further documents as Power of Attorney for my mother, HOWEVER, if I had been asked.....THERE WOULD BE ABSOLUTELY NO REASON why I would not have done just that.  As I stated before, I am a caregiver to my mother, and as such, my biggest goal with getting a Reverse Mortgage was to continue to have her remain in her home where she has resided for the past 58 years.  I wanted to make home improvements to this house and her bathroom, which would make life more comfortable for her, as well as the rest of my family. [redacted] did ask me about my mother and asked me if she was living with me at the house, which of course I told her she was and that I was her caregiver.  She asked me what her health was, and I informed her that my mother was 84, totally deaf, has cardiac health issues, and suffers from dementia.  She never asked me to sign as Power of Attorney at that point or any other time for that matter.
As far as the appraisal goes, the woman who did the appraisal "found nothing wrong" with house or property, and as she stated to me "NO RED FLAGS".
It appears to me that AAG is trying to build a "smoke screen" to cover up the real issues here., and that the fact of the matter is.....AAG has failed miserably on giving me and apparently many, many others "full disclosure".   The fact of the matter is, anyone seeking a Reverse Mortgage insured by FHA SHOULD BE GIVEN THE FULL DESCRIPTIVE DISCLOSURE UP FRONT OF ALL GUIDELINES, and in my case regarding a PRIVATE WELL AND SEPTIC/LEACH FIELD.  Had I been aware of the distance requirements I would have been able to make a far better informed and educated decision as to whether or not go forward with a Reverse Mortgage Process. 
 
I HAVE NEVER RECEIVED ANY COPIES OF SIGNED DOCUMENTS FROM AAG.  AREN'T I ENTITLED TO THIS BY LAW????????????????????
Ironically, I keep getting phone calls from another loan officer who apparently took over for Mr. [redacted].  He has left me several messages now, telling me that Mr. [redacted] is NO LONGER WIT THE COMPANY".  I find it interesting that [redacted] is no longer with AAG.  It is even still more interesting to me that this loan officer , now employed with AAG and who took Mr. [redacted]'s place is still pursuing me for the Reverse Mortgage.  I have kept his voice mails, and by the way I have numerous emails substantiating details of this entire AAG MESS. 
No, I do not accept AAG's weak response.  They are responsible for "NONDISCLOSURE", "UNETHICAL BUSINESS PROCEDURES", and '"MISREPRESENTATION" and now 'MAKING FALSE ACCUSATIONS"  regarding "ME,  the "CONSUMER"  instead of doing the honorable thing here.......RETURNING THE FUNDS THAT ARE DUE ME.
 
AGAIN, I feel I am undeniably owed back my counseling fee of $115 and the appraisal fee of $445.  However, at the very least  PLEASE POST THIS INFORMATION for the next SENIOR CITIZEN so that they are fully aware of these kind of issues.  AAG should be held fully accountable for this action.
 
Revdex.com thank you for your time.
 
Sincerely,
 
[redacted]

Keep up the good work.

We own a home with a lot of equity, our credit score is in the high 700's, but I recently had major surgery and I am on Social Security disability, so we applied for a reverse mortgage through AAG. When I called initially I received a lot of help from the agent and was told that I should have no problem. They kept us well informed. We submitted all the required paperwork, and after spending hundreds of dollars obtaining an appraisal through their agent as well as paying for their notary service and signing all the documents we received a letter congratulating us for our reverse mortgage being approved. This after more than 3 months. Everything seemed fine, and then I suddenly receive a phone call from someone at AAG asking us why we were late a few times paying our HOA fees. I explained in a letter that the Association was having difficulty with their system and that we ended up paying through auto pay and that there should not be any late payments, and there weren't. Suddenly all my calls to AAG were ignored. After another month of calling and not receiving any information I receive an undated, anonymous, unsigned, unapologetic form letter, saying that that our reverse mortgage loan was denied. Reason: Loan does not provide a net tangible benefit to buyer. What is that supposed to mean? I am very angry that the HOA fees were never discussed, and that we received a letter stating that our reverse mortgage was approved and then later denied, and that we've spent so much out of pocket. We literally wasted 4 months. Very unprofessional operation. After receiving the denial letter and numerous un-returned phone calls, I finally get a call from our original agent. He was not very helpful and said he would look into a jumbo for us, but I haven't heard from him since.