American Advisors Group

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below. This is a response that I expected from AAG Large company's don't let go that easy so this response was not a surpriseI think something needs to be cleared up going forward Our agent was *** *** and he is a very nice guy We hold no grudge against him so let's be clear. From our experience, I can now understand why reverse mortgages have a bad rap We as a family did our homework as best we could and it was hard to ignore some of the reviews that we read about which are very consistent with our situation The process is flawed! The agent needs more leverage or power to say" you know, I don't think your house will get past the underwriter" That is not a ridiculous suggestionA realtor would be the first person to point fingers at potential drawbacks when trying to sell your house I think we can agree on that Back on point, there were people listening in on the preliminary talks and at the signing of the paperwork Not one of us can remember that the foundation was in question or even mentioned Had it been mentioned, I would have pulled the plug from the get go because I know that the house is old and most likely wouldn't pass any inspection unless I had an engineers report To be clear once again, the foundation wasn't talked about Our main concern was to have a smoke alarm detector installed for the appraiser per our agent The appraiser comes and sends out his report I even talked to the appraiser on the phone and he didn't seem at all concerned about the cracks in the report We all read the report and we are still scratching our heads on the appraisal being declined On every picture on the appraisal showing damage or cracks, we were going to take care of that I had a licensed painter come and quote on the house There was nothing he said that he couldn't patch up along with taking care of the peeling paint I proceed with *** Cole who is a licensed foundation contractor and he writes two letters giving the house a thumbs up.....at least that's what we hoped it would do AAG kept coming back wanting more language Added and *** was not comfortable with that He repeatedly told me that he couldn't gurantee any house from falling apart He did mention that with an earthquake or massive flooding, that may be a problem for the house and any house on the block So now we have a painting contractor and a foundation contractor involved That wasn't good enough Our agent brought in another contractor who wanted to charge $25,and potentially more to fix a retaining wall in the garage This didn't include permit costs either We shot that down quickly I get another contractor in *** *** and I send him the appraisal with all the pictures I point out every defect He goes on to say that *** is basically correct, the house is okay Still not good enough At this point, I am fried and tired of it all I call *** on the phone and arrange for *** to meet him at the house to finalize this fiasco if possible This cost me another $ Now I am out $ *** looks at the house and sees cracks that concerned himHe tells us that without getting an engineer involved, he couldn't say with percent certainty that all is cosmetic He did write a letter which AAG can share with you along with ***'s letters Again, declined I told *** we can do this all day along with contractors If you get contractors to look at a house, you will probably get different opinions Lastly, I told *** that I appreciated his help but it's time to move on He was gracious and offered to pay the $for ***s visit.
Regards,*** ***
*** ***

Re Revdex.com Complaint ID ***- Selling PracticesDear Mr& Mrs***,
American Advisors Group (herein AAG) is in receipt of your complaint filed with the RevDex.com on March 19, We appreciate
the opportunity to address your concerns
In your complaint, you stated that you were not informed that you had to pay an appraisal fee as
part of the reverse mortgage application processYou also stated in your complaint that the HECM
counselor told you that you did not have enough equity in your home to qualify, and when you
advised the AAG Loan Officer of this,he advised you that you didYou are requesting that AAG
compensate you for all of your out of pocket expenses which are made up of $appraisal
fees,$for HECM counseling fees, and $in fax and copying chargesYou further stated in
your complaint that you had to pay $in notary fees that were not disclosed to you
Your complaint goes on to state that after the appraisal was done,the Loan Officer would not return
your phone calls for an updateYou state that when he finally did call, he advised you that your
loan had been denied and that he would look into the reason for the denialYour complaint states
that you did not hear from the Loan Officer againAccording to your
complaint, your son called the AAG Complaints Department and they did not call you back
either
AAG will first address the matter of the appraisal fee and the HECM counseling feeAs you were
made aware at the time of application, all reverse mortgage applicants must receive reverse
mortgage (HECM) counseling by a HUD approved counseling agencyPer HUD guidelines, AAG
is required to provide the applicant with at least HUD approved intermediaries (which may waive
the counseling fee at their discretion), and local agenciesAfter AAG provides the list, it is
up to the applicant to select the counseling agency and pay the counseling fee,if required by the
agency they have selectedOnce AAG provides the counseling list,it is no longer permitted
to be involved in the processThe counseling fee is an expense incurred by the applicant for the
purpose of obtaining a reverse mortgage, and is mandated by HUD prior to a reverse mortgage
applicationThe applicant is responsible for the counseling fee regardless of whether or not theloan funds, and this fee cannot be refunded as it was not paid to AAG but is a requirement of
HUD for all HECM applicants
Regarding the refund of the appraisal fee, it is standard practice in the mortgage industry for
the appraisal fee to be paid by the applicantThe applicant is responsible for this fee regardless
of whether or not the loan fundsIn the appraisal Request Form included with your application
documents which you signed in the presence of a notary, you acknowledged that you
understood the appraisal fee is an expected expense incurred by the applicant during the
reverse mortgage processAAG is therefore unable to provide a refund of the appraisal fee
The second part of your complaint states that the HECM counselor advised you that your loan
would be denied because you did not have sufficient equityThe HECM counselor could not
have known whether or not you qualified for a reverse mortgage because the appraisal had not
yet been doneThe appraisal determines the required value and marketability of your property
and without it, the counselor was not qualified to make such an observationIn the event that
the property had appraised for higher, and you could have provided the short to close funds at
closing, the loan would not have been denied
The third part of your complaint we will address, is your statement that after the appraisal was
done, the loan Officer working on your application did not return your phone callsAAG strives
to provide our Borrowers with the highest levels of service, including making ourselves
available to answer phone calls and voicemails in a timely mannerThe service you received is
not characteristic of the standard we hold ourselves to, and we apologize for your experience
with AAGThe loan Officer you worked with has been advised of his failure to provide you with
service that meets our high standards and while this will not benefit you directly, it will assist
other applicants in the futureThank you for bringing this to our attention
Your son Manny called Complaint Resolution Specialist Sinclair Roberts on February 26,
MrRoberts advised Manny that he would research your concerns and provide you with a
written response when completeWe apologize for the delay in concluding our research and
providing this written response
Again, while AAG regrets that it was not able to assist you in obtaining a reverse mortgage, its
loan Officers and Processing Department acted in an ethical mannerThey provided the
mandatory disclosures prior to the application being signed in the presence of a notary, and did
everything in their power to close the loan; which ultimately was denied, due to the loan being
short to closeIn order for the loan to have successfully fund, you would have to bring cash to
the closing, which you were unable to do
AAG has taken this opportunity to enclose with this written response, a copy of the appraisal
for your records
We hope this letter has addressed all of your concernsPlease feel free to contact me anytime if
you have any questions
Sincerely,
Sinclair Roberts
Complaint Resolution Specialist
American Advisors Group
866-948-Ext***

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below
AAG didn't answer my questionsFirst 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 Aug10, 2015? AGG knew at this time what income I had and that *** *** lived on the propertyThe 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 propertyI never complained about AAG wanting a copy of the Trust, but having to amend the trustIt was not my lawyer, *** *** who held up the process but *** ***I felt that AAG put *** 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
Regards,
*** ***

This the 2nd reverse mortgage I have had with AAG My first experience was amazing and completed without any problems in weeks My latest experience was not amazing It took almost months to complete and was somewhat frustrating Every step took so much time When I bought my house it only took days to close I did not receive a reply to some of my e=mails which was disappointing It seems customer service isn't what it used to be, however I would still recommend AAG to my friends and hopefully they will have a better experience

Dear Sir/Madam,AAG has completed its review of the complaintThe Consumer has been advised that she may cancel the flood insurance policy immediatelyA letter has been mailed by our Servicing Department advising her of this.A written response to the complaint was mailed to the Consumer
today, a copy of which is attached.Please do not hesitate to call or email me for clarification or questions.Sincerely,*** *** *** ***American Advisors Group*** *** ***Ms *** *** ** ***Re: Flood Insurance Issue.Dear Ms***,American Advisors Group (herein AAG) is in receipt of your complaint filed with the betterBusiness Bureau and American Association of Retired People AARP, on July 17, Weappreciate the opportunity to address your concerns.In your complaint, you stated that AAG required you to purchase flood insurance when it is notrequiredYou provided documents stating that your property did not require a flood insurancepolicy.AAG would like to apologize for the inconvenienceOur servicing department will be mailingyou a letter advising that you no longer need to have flood insuranceMs*** ***,Supervisor of Tax and Insurance at our Reverse Mortgage Servicing Department can be reachedat *** Ext***She will mail you the letter advising of the change in the floodinsurance, that is, you are no longer to keep a flood insurance policy.We hope this letter has addressed all of your concernsPlease do not hesitate to to contact meanytime by telephone or email if you have any questions.Sincerely,*** ***American Advisors GroupComplaints Resolution Manager*** Ext***

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID ***, 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,
*** ***

Good Afternoon Madam,
Thanks for your email Your observations have been noted
AAG cannot become involved in the appraisal process as our
appraisals are performed by FHA approved appraisers licensed in that state in
which the subject property is located
Unless there are glaring characteristics that immediately
disqualify your home from being appraised, the independent appraisal is the
only way to establish valueThe appraiser compares the subject
property to those having similar features, such as square
footage, number of rooms, and construction; to determine whether it constitutes
good collateral against which to make a loanOne of the apsects
looked at, is demand by buyers for like properties within an
accepted area from the subject property
If there have been no recent sales of similar properties within
a prescribed time frame and acceptable distance from the subject property, the
loan may be denied as there is no evidence that demand exists for that
property
I understand your frustration and wish that AAG could have
funded your loanPlease keep in mind that each time a loan does not fund, as
in your case, AAG does not benefit financiallyAll the hours that AAG staff,
from Loan Officers to Processors etcworked on your loan application, all
amount to nothing when a loan has to be deniedWe have very high incentive, therefore,
to successfully close all loans, but unfortunately, that is not always
possibleAAG will only deny a loan after all avenues to save it have been
exhausted, as we get paid only on funded loans
I hope this clears up any lingering doubts or misconceptions
regarding the reason for your loan being denied
Sincerely,
Sinclair Roberts | Complaint Resolution Specialist
AMERICAN ADVISORS GROUP
PHONE: EXT: ***| DIRECT LINE: *** | FAX:
EMAIL: ***
ADDRESS: WChapman Avenue, Third Floor, Orange, CA

Dear Sir/Madam,A response was mailed to the Consumer today, a copy of which is uploaded on this portal.Please do not hesitate to call or email me with any questions.Sincerely,*** *** *** ***American Advisors Group*** Ext***Dear Ms***,American Advisors Group (herein AAG) is in receipt of your complaint filed with the Revdex.com on August 19, We appreciate the opportunity to address its concerns, and apologize for the delay in responding in writing.In your complaint you stated the following:“Called to obtain their advertised brochureThe Agent pressured me to give all my personal information, repeatedly asking me if I was ready to purchase a reverse mortgage, unable to answer my questions which I didn't even want to discuss at this phone call, kept having to put me on hold for what I don't know, returned to conversation, more manipulations and pressure to sign up, would not connect me with a manager, on hold again and again, I finally hung upCalled back to see if I could get connected with someone else and receptionist quizzed me and would not connect me to a managerHung upweeks later I received their brochure in the mailThis institution is merely a phone center for reverse mortgages and very impersonal, rude, manipulativeFor seniors inquiring about a very, very important financial option such as a Reverse Mortgage, I would not give this #rated institution the time of dayThis call was made in AprilI filed this complaint later in time because I wanted to be sure my research with other institutions left me with a valid picture of how horrible this company's tactics really areSubsequently I have gone with another Lending Institution, whereby I can deal directly with the Lender and not a mortgage broker.”AAG would like to apologize for the inconvenienceWhen a prospective borrower calls for information, it is AAG's policy for the loan originator, an experienced and licensed professional, to evaluate each person's motivation for obtaining the loanThe best way to do this is to ask questionsSome homeowners are comfortable with this, while others are notThe more information we are able to obtain from the prospective borrower, the more we can learn about what positive financial changes they would like to achieve as a result of a reverse mortgage; and the better prepared to suggest the right reverse mortgage program suited to that person's unique set of needs.AAG is are the largest reverse mortgage Lender in the country, and has reached this position by caring for our customers, and treating them with the dignity and respect they deserve, by being driven to provide superior customer service, and being ethical in how we conduct ourselves and our work, every dayI would also like to remind you that AAG is not a broker, but an FHA approved Lender.Your feedback is sincerely appreciated, as it assists us as a company to improve our overall business culture of care, empathy and sensitivity for our valuable borrower base- Seniors over the age of 62- who have worked with us to build this company into a great partnership for sound retirement financial options.We are sorry we could not work with you to obtain a reverse mortgageWe wish you all the best for the future.We hope this written response has provided the needed answersPlease do not hesitate to call or email me with any questions-Sincerely,*** *** American Advisors Group *** *** *** Ext*** ***

AAG was recommended by my brother, he seemed quite happy with your serviceThe experience I had was positiveAnytime I had a question or a concern you were there to answer them for meSo far so good

I am SO disappointed and upset over ever even starting to give this company my business! I was told from day ONE that I was approved, even congratulated several timesThis was way back in June, maybe even MayIt is now September 15, and have been told, (after having to put my foot down and threaten with an attorney), to give me an answerFrom my agent (in the first week) informing me that he was going to be off the next week due to shoulder injury, to TODAY, after me having left a verbal message on his phone, that he was off sick yesterday, was the reason for not calling me back thenMy loan was supposedly in the final stages, with this last stage having gone to the closer
Now she didn't call me back either yesterday, and I asked my agent, 'was she off sick yesterday too?' He said that he didn't know, that they really didn't speak personally that much, and that she was probably so busy for they juggle sometimes as many as accounts daily and at a timeAlso, she wasn't the first 'closer' that I had been assigned to, but between the time of that assignment, and the time that I called her, she had already quit, left the company, or had been fired.( I guess this affirmed what he had just said.)
So now, he tells me that they go by counting the years of a customer to the age of So, based on that, and after having paid off my little bit of debts that I have, that they wouldn't be able to do this for me, unless they added up all of my property and insurances due on the house and kept all of that money in a 'reserve' style, and that wouldn't leave me much to even get, and would I still want to do that? Initially I was told (in the congratulatory spill) that I would receive around $20,the first check, to be followed with about $17,a year later
Also, consider the fact that up until two months ago, I wouldn't have any more income coming in but FOR my disability checks and he had 'approved me' without that even being a part of the approvalI hadn't even been notified that I had been approved of getting them until two months ago
Now, also..I didn't have a mortgage on my houseI own it outright so they wouldn't even have to pay that off, or have it be in the equation
I only owe a little over $3,to the IRS, and have about $4,in credit card debt
Now, my house should've been appraised for at least $80,The appraiser told me verbatim that he would appraise it at top valueI paid $75,for it years ago, and have only improved it by vinyl siding, fenced in front yard, a NICE carport, & new roofI was told by my AAG agent that it only approved for $64,000.00!! I questioned my agent about this discrepancy, and have requested NUMEROUS times to see a copy of that appraisalAt that, he bristled for he felt that I was accusing him of something that he could possibly go to jail for, having not of followed the laws governing it.He also was rude as hell, totally talking over me, and in very condensing ways and had to remind me what 'if I had paid my bills, I wouldn't be in this predicament, and it wasn't their fault that I was.' Well, my credit wasn't as bad as it is now way back in JuneIn fact, I've been assuring my creditors that' I was working on this, and would be paying them in full when it came through.' Even so much as pawning my car title, and now I'm about to lose that too
There were countless delays, outright lies, and costs accruiing daily on my endI even paid $to a guy to fix the one little thing on the backside of my house that he told me was the only thing needing to be fixed to qualify the house for FHA's approval
I think this company needs to be investigated and their feet held to the fire on promises made and time limitsOh, and the "Approval" given on the very first phone callB.S

I am completely and and utterly disgusted with AAG ( American Advisors Group )After working for three months with AAG towards obtaining a reverse mortgage, through numerous telephone calls and e mails with two company representatives, and complying to their request by providing my information, completing consumer counseling, filling out applications, getting my home appraisal submitted , ONLY TO BE IGNORED ! I have tried to contact ( telephone and e mail ) more multiple times on multiple days for two weeks nowtwo different AAG associates ( the same associates I have been working with/talking to/emailing with) and they will not even respondIt is as though they are both dead.They AAG, simply refuses to contact me to let know, ANYTHING !!! They should be held accountable

My experience has been very favorableAAG worked with me to get the reverse mortgage and the agent,simon, that was assigned was particularly understanding and helpfulResponse to requests has been prompt and accurate

Good Afternoon,AAG's Response is uploaded for the Consumer's reviewAAG 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,*** ***CARES ManagerAmerican Advisors Group866-948-Ext***

Dear [redacted],   American Advisors Group, herein AAG, is in receipt of the above referenced correspondence from the Revdex.com dated September 22, 2017 and received by AAG on September 25, 2017. We appreciate the opportunity to address your concerns.   The Reverse Mortgage (...

HECM - Home Equity Conversion Mortgage ) is a government  insured program that is regulated by HUD and insured by the FHA. The Reverse Mortgage is not funded by the government. Private lenders like AAG must follow strict rules and regulations in order to lend to any applicant by qualifying the client as well as their residence under those guidelines.   Everyone that applies for a reverse mortgage must go through and complete a reverse mortgage counseling session with a certified third party counselor. In return for completing the counseling session, the agency will issue a certificate of completion. AAG is required to have the certificate ID number and Agency ID number in order to generate the application for a reverse mortgage. It is the counselor’s responsibility to make sure the client understands the fundamental rules and regulations of the reverse mortgage. If the counselor determines the client does not or is not able to understand the reverse mortgage process then the certificate is not issued and no application is taken.   AAG takes great pride in the fact that we only do reverse mortgages and each and every reverse mortgage is unique and specific to each individual client. AAG would not continue to process a loan if we became aware, for any reason it would not fund. As a lender funding loans is our business. AAG would not purposely string along a client wasting [redacted]e and money to then cancel a loan. This is not how we became the number one reverse mortgage company in the country.   The complaint s[redacted]d that you applied for a reverse mortgage in May 2017. To begin, AAG is not allowed to schedule the reverse mortgage counseling session. The borrower must initiate contact with the counseling agency in order to schedule a counseling session. This appointment scheduling is the sole responsibility of the borrower and establishes a commitment of interest to qualify for the reverse mortgage. Your counseling session was not scheduled and completed until June 22, 2017. Furthermore, the application is normally scheduled within 5 to 7 business days from the completion of the reverse mortgage counseling session. Your application was not scheduled and completed until a month later on July 24, 2017.     A Processor’s [redacted]e is better spent working on the loan file rather than speaking with clients on the phone. This is why the loan officer maintains contact with the client for updates and not the processor. It just so happened that the final decision regarding your loan came the day before you called and insisted on an answer. There was no answer to give before this because all options were still being reviewed.   The average reverse mortgage takes about 60 days which would put your loan near the end of September which would be on schedule. Every option under current guidelines was reviewed in order to get this loan processed and funded. AAG regrets that we were not able to complete a reverse mortgage for you. There is no way for us to recoup the employee’s [redacted]e and our expense for all the work that went into your loan. AAG is just as disappointed with the outcome of this loan.   AAG would be happy to answer any other questions you have regarding your loan, please feel free to contact me by phone or email me directly. My contact information is listed below.       Sincerely       [redacted]
[redacted]
[redacted]        [redacted]    [redacted]

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]

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 to the client in a formal letter, mailed as of today, 3/1/2017, detailing each listed concern individually. In addition, we have attached a copy of our response letter, as well as two additional items, 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 866-948-0003 3800 W. Chapman Ave Orange, CA 92868

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]

I am very happy with my dealings with AAG.

After turning 63, I considered taking out a reverse mortgage loan with someone but was hesitant because the process seemed as though it would be quite an expedition and difficult based on what I've read. My application was processed within two weeks by AAG. The following week someone was sent to do an appraisal on my home. After, there was clearly some delay in approving some of our documents but Donny the loan officer constantly provided us with updates. Once our documents were approved, we were able to close on the loan. We were able to close on the loan in three months. Great closing officer. The whole process went more peacefully than I thought it would. I would definitely endorse AAG via this survey to anyone who is considering getting a reverse mortgage

Dear Sir/Madam,
I would like to apologize to the Consumer for the tardy response to his request for information on why the loan was denied. The uploaded written response explains what transpired on the loan and the reason for the loan denial.
The Consumer is welcome to re-apply for a reverse mortgage when his financial situation improves or he is able to document or verify his income.
Sincerely,
[redacted]
CARES Manager
American Advisors Group
866-948-0003 Ext. [redacted]