American Advisors Group

AAG was great to work with. No questions were left unanswered. Just really polite and knowledgeable people who willingly share their expertise with you.

Dear Sir/Madam,
Please pardon my tardy response to the Consumer rejection of AAg's response. My intention was not to further inconvenience the Consumer, but a case of my believing that the matter had been dealt with. My apologies to both the Consumer and the Revdex.com for this inexcusable oversight.
The Consumer states in her 2/28/2014 rejection of AAG's  response, that AAG failed to disclose extremely important information to her regarding FHA guidelines; which pertain to the distance between private wells and septic/leachfields. She states that had she been made aware, on her initial consultation with the loan officer, she, "as a Consumer would have been better informed and better educated  to decide whether or not to go forward with a costly appraisal as well as the counselling fee; especially since private well and septic/leachfield distances are a critical part of whether or not a reverse mortgage will be approved." While AAG understands the Consumer's frustration at the outcome of her reverse mortgage application, our response remains unchanged. There are many potential barriers to a mortgage-forward or reverse-funding. The loans that AAG makes against real property are all insured by FHA, whose standards and guidelines are very stringent. Private well and septic/leach field distances are no more a bar to loan denial than a home in perfect condition, with no suitable comparable properties sold within a prescribed distance and period from the subject property as stipulated by HUD/ FHA. That loan would be denied simply because there is no way to gauge the desirability or potential selling point of the property.
The Consumer completed Fannie Mae Form 1009 Residential Loan Application for Reverse Mortgage, (blank copy attached), and signed the application on October 25, 2013. It is not a requirement of mortgage companies to ask the Consumer about private wells/septic/leach fields at the time the application is signed. However, I will be putting forward a proposal to Management at AAG that Fannie Mae include a few more questions on their Form 1009 that may potentially serve to avoid the type of stuation you find yourself. Being the huge entity that it is, I cannot promise the Consumer that our request will reach the desk of a decisionmaker at Fannie Mae; with the power to effect changes to the form. The Consumer is encouraged to also take up this quest with Fannie Mae.
The Certificate of HECM counseling is a requirement of the US Department of Housing and Urban Development.  The Consumer was counseled by Money Management International Tupelo, 1018 Gloster St, Suite H, Tipelo, MS 38804. Telephone 866-232-9080. Please contact this organization for any HECM counseling related questions.
We regret that we are not able to refund the appraisal fee. Our Borrowers are advised very early in the Reverse Mortgage Loan Application processs, that it is standard practice in the mortgage industry for the appraisal fee to be paid by the Borrower. The Borrower is responsible for the appraisal fee regardless of whether or not the loan funds. AAG therefore is regrettably unable to provide a refund for the $445.00 you paid to the appraisal company.
Regarding not being given any signed documents, AAG has made available to you copies of the Application for Reverse Mortgage. The Notary should have provided you with duplicate copies of every document you signed. If you are unable to find these copies I can make a request that copies are provided again.
I hope you understand that AAG would have preferred that your loan funded. We only benefit when a loan successfully funds. When it does not, as in your case, AAG does not get paid despite all the labor, mailing, and other expenses we are responsible for paying. You have filed this complaint because you are not happy with the outcome. We also regret that we were unable to successfully fund your loan due to cisrcumstances beyond the control of yourself and AAG.
Sincerely,
[redacted]
Complaint Resolution Specialist
American Advisors Group
866-948-0003 Ext: [redacted]

I have been working with American Advisors Group for close to 6 months to get a reverse mortgage for my mom. The first time they sent someone over for paperwork to be signed, I was advised to the wrong way to sign. Had to wait and resign everything. Then had to submit more information. Sent that in. Told I needed a Drs. letter. sent that in. Now being told they still need more information, oh and sent a sample of how the note from the Dr. should have read. I have jumped through so many hoops, and at every turn told I still have to send more information. Why if they are supposed to be the #1 reverse mortgage lender can they not just send a list of everything they need right from the start? why do they make people jump through hoops. I am so dissatisfied with them I told them to I was done performing for them, they can stick their reverse mortgage. They obviously have no common sense and can not get their act together. No wonder they say it can take a few months to complete the process.....they draw it out on purpose. I will never ever suggest or recommend them to anybody.

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 do realize that I signed the paper stating that I would be responsible for the cost, which at the time I signed it I was told would be an appraisal and financial counseling.  When all other services kept being added I would inform them (the loan holders that had already told me I had been approved) that I had no money to pay for these services.  When I would make this statement I was ASSURED THAT IT WOULD COME FROM MY LOAN AMOUNT.  With this assurance I went ahead and accepted that these services be performed.  When the engineer came out and inspected the basement/crawl space due to the water issue it was determined that the water was indeed from run off from the hill across the road from me.  We had an extremely wet spring all the way up into the summer and therefore it had no chance to dry up.  All of the issues that were mentioned as needing to be corrected were issues that I wanted to repair but was in need of money to do so, I made it clear to AAG upon applying for the reversed mortgage that my intention was to pay off my mortgage and make needed improvements to my property/dwelling.  I feel that due to the HOLDER OF THE MONEY after I was APPROVED FOR THE LOAN assuring me that I would have NO out of pocket expense and AAG apparently understanding my financial situation that I should not be held responsible for these expenses that I am receiving bills for.  I cannot afford to pay them and thought that REVERSED MORTGAGES were intended to help seniors that needed help, but apparently I was mistaken.  Regards,
[redacted]

Good Afternoon-
AAG has provided the Consumer with a detailed and transparent accounting of what transpired on her loan application in the previously attached response letter. Contrary to the Consumer's assertion that AAG did not provide assurances that it would not place a lien on her home, the following excerpt from the aforementioned response letter, third last paragraph states:
Per your request ,  we would like to assure you that AAG will never place a lien on your property for any reason. Regarding your second request- that you not be responsible for any costs incurred relative to the application in question- I have attached AAG’s Release, Indemnification and Hold Harmless Agreement which you signed on September 2, 2015. The second paragraph reads in part “…Borrower acknowledges and agrees that pursuant to the terms of the loan the, the Borrower is solely responsible for the payment of all third party fees and expenses actually incurred in connection with the mortgage loan regardless of whether Borrower is approved or denied for the mortgage loan, or if the mortgage loan does not close.” Because you read and acknowledged the terms of this document, AAG regrets  it cannot promise that “… the applicant is not responsible for any costs incurred relative to the application in question; that the applicant will be reimbursed for any and all other AAG application related expenses including but not limited to all legal fees relative to this AAG application process.”
AAG also included all fees the borrower WOULD be responsible for due to her decision to cancel the loan:
"Per the attached Invoice from [redacted], you are responsible for the third party costs incurred for the foundation inspection because you voluntarily cancelled the loan process (Attached)."
AAG considers this matter satisfactorily resolved and is confident its processes were in compliance with all industry, state and federal guidelines.
We would like to apologize again for any inconvenience you experienced as a result of your decision to cancel your loan application. We will be more than happy to accept a re-application should you change your mind about obtaining a reverse mortgage.
Please do not hesitate to call or email me with any questions.
Sincerely
[redacted]
CARES Manager
American Advisors Group
866-948-0003 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 have not received the death certificatesMy [redacted]Mr. [redacted]'sMrs. [redacted]'sTheDeath certificate of my wife is the original given to me by the StateMr. & Mrs. [redacted]s are copies that they made me buy because they said they could not grant me the loan until they received them.I figure if they needed them to grant me a loan (WHICH THEY DID NOT GRANT) then my stepsons will need them to sell the house when I die.I paid for them, they need to send them back to me.
Regards,
[redacted]

I haven't any complaints with this company. Everything is just great. Thank you.

Dear Mr. [redacted],
American Advisors Group (herein AAG) is in receipt  of your complaint ID [redacted] filed with the 
Revdex.com on March 25, 2014, and received by AAG on March 31, 2014. We appreciate  the 
opportunity...

to address your concerns.
In your correspondence,you stated that you were unhappy with the level of service provided by AAG, 
and requested that the loan be immediately funded.
AAG strives to provide  our Borrowers  with the highest level of service, including treating our 
Borrowers  with the utmost  respect. We apologize that your experience and that of your client did 
not meet this high standard to which we hold ourselves; and for any miscommunication during the 
loan application process.
On March  25, 2014,the  loan funded. We would like to take this opportunity to thank you for the 
assistance you provided your client during this process; and to Ms. Hanhardt  for staying the 
course even with the challenges this loan faced.
We hope this letter has addressed all of your concerns. Please feel free to contact me anytime if 
you have any questions.
Sincerely, 
 
[redacted]
American Advisors Group
Complaint Resolution Specialist.

To Whom It May Concern,It is unclear how our response does not resolve the clients concern. He asked for his Death Certificate papers to be returned to him and we have advised him that they are being sent to him as requested.COMPLAINANTS REQUEST:"These papers are (MY WIFE'S BEATH CERTIFICATE, THE PREVIOUS OWNER'S DEATH CERTIFICATES) I had to pay for these papers and I believe that I will need these papers to sell my home. I WANT THESE PAPERS BACK." AAG's response:"True Concept Title, the participating title company, has scheduled the return of those documents to you"Respectfully,[redacted] / Complaint Resolution Specialist

Dear Sir/Madam,AAG has responded in writing to Ms. [redacted]'s concerns. We are sorry for the misdirected mailer and are continuously striving to minimize errors of this nature. We have placed all of her information on a Do Not Contact list. A response letter, a copy of which was uploaded to your site...

today was mailed to Ms. [redacted] today for her review.Sincerely,[redacted]AAG CARES Manager[redacted] Ext. [redacted]Dear Ms. [redacted],American Advisors Group, (hereinafter AAG), is in receipt of concerns filed with the Consumer Financial Protection Bureau on June 3, 2016. We appreciate the opportunity to respond to your request.In your correspondence, you stated the following:“I continued to receive information from this company following unsubscribing from an unsolicited email returning previous letters and calling them yet they continue to send me a letter thanking me for my interest in the reverse mortgage program in this letter they also indicate that I requested free reverse mortgage information pack I can guarantee that this has never happened I do not believe in reverse mortgage I feel that businesses the back reverse mortgage is her often irresponsible and would never subscribe to any of their services including requesting any information pack it appears to me that they only contact senior citizens and by providing incorrect information "Thank you for your interest in a reverse mortgage" "you are receiving this letter because you requested are free reverse mortgage information back". I feel that this approach may put some seniors at risk for contacting them." [End].You went on to say that you would like AAG to include only accurate information in their letter to possible consumers that does not indicate that the consumer has expressed an interest in their services when they have not done so.AAG would like to apologize unreservedly for any inconvenience caused by receipt of the marketing piece. I reached out to you by phone on June 1, 2016 and you expressed your concerns about receiving a marketing mailer worded in the manner this one is.With several campaigns in progress at the same time, errors do sometimes occur. While this is no excuse, we are working diligently to ensure that such mistakes do not happen. Per your request, AAG has placed your information on the Do Not Contact list. We are grateful that you took the time to make us aware of your concerns as it assists AAG in assessing its campaigns, and increasing our level of accuracy both through our in house marketing departments and through our affiliates and partners.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]

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]
Never given a deadline for when repairs had to be made; in fact, there is no correspondence addressing a deadline for this concern while at the same time, applicant was allowed to believe the application process was continuing and was being addressed by AAG personnel.  And, I repeat, applicant never initiated a termination intent regarding the application; this was initiated by AAG without any indication that there was a problem with the application.  Also, AAG is ignoring the fact that, although prompted by applicant, the birthdate and age of applicant were incorrect, in two places, in AAG data associated with the application. Finally, applicant does nt agree with AAG stand re reimbursement of certain expenses associated with this application; also while AAG asserts that it will not be pacing liens on my property, it gives no assurances that any and all business, associated with the application in question and brought into play at AAG's request,  also will nit be placing liens n my property.

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 GroupCARES 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]

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.
your response is a load of blah blah blah, instead of saying every one applying for your reverse mortgage is qualified, run a credit report first before you promise things you can't keep.AAG is a company that makes the borrower pay for all fees at closing. I hope you don't treat other applicants like you treated me.Your business is a ripoff that takes advantage of the elderly
Regards,
[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.  
My complaint has nothing to do with no reverse mortgage. My complaint is the misconduct, misleading statements, and asking for money which I do not have extra to fund their contacts.
Regards,
[redacted]

The people at AAG were extremely helpful in guiding me through my options for obtaining a new mortgage.

At my age, I admit that everyone seems young so I feel free to say that your young employees represent you extremely well. The contacts I had throughout a rather long process were with courteous, well informed and conscientious employees. Your organization does very well by its customers. Congratulations!

They ignore requests to stop spamming me. They apparently think they are above Can Spam laws. DO business with them - H**L NO!!

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]

American Advisors Group, herein AAG, is in receipt of the above referenced correspondence dated August 31, 2016 and received by AAG through the Revdex.com (herein Revdex.com), portal on September 6, 2016. We appreciate the opportunity to address your concerns. In your complaint, you stated...

the following: In August 2015, applicant applied for AAG reverse mortgage, was accepted; went well for three months; wrong birthdate and age used by AAG in legal documents; applicant disputed data, no corrections made; slowdown began; calls not returned, timely or at all; data not available on assessment, notary, engineering; on 2/29/16, received AGG letter stating that "Borrower does not wish to proceed."; no such action initiated by applicant; denial processed to AAG, never acknowledged by AAG; retained legal counsel; AAG says used wrong reason; should be repairs(?) not completed; applicant, twice, given impression by AAG personnel that cost could come from monies approved for applicant; very slow response by AAG to counsel's inquiries; AAG goes silent, no contact for several months; what received is incomplete and too small to read; it now is over a year since the application was submitted and accepted with nothing to show for it except possible liens by AAG and associated businesses against the property named in the AAG application. [end]. Your desired settlement of this matter is:  At a minimum, receipt of a notarized, legal document stating that not now or any time in the future will AAG, or any business connected to AAG relative to the application in question, place a lien on said property; that the applicant is not responsible for any costs incurred relative to the application in question; that the applicant will be reimbursed for any and all other AAG application related expenses including but not limited to all legal fees relative to this AAG application process. [end]. Firstly, AAG would like to apologize for any inconvenience or misunderstanding regarding your responsibilities as a Borrower, that you experienced during the processing of your loan.  The reason for your loan cancellation should have been “Repairs Not Completed.” Please accept our sincerest apologies again for the incorrect denial reason reflected on the Notice of Cancellation. Per your request , we would like to assure you that AAG will never place a lien on your property for any reason. Regarding your second request- that you not be responsible for any costs incurred relative to the application in question- I have attached AAG’s Release, Indemnification and Hold Harmless Agreement which you signed on September 2, 2015. The second paragraph reads in part “…Borrower acknowledges and agrees that pursuant to the terms of the loan the, the Borrower is solely responsible for the payment of all third party fees and expenses actually incurred in connection with the mortgage loan regardless of whether Borrower is approved or denied for the mortgage loan, or if the mortgage loan does not close.” Because you read and acknowledged the terms of this document, AAG regrets it cannot promise that “… the applicant is not responsible for any costs incurred relative to the application in question; that the applicant will be reimbursed for any and all other AAG application related expenses including but not limited to all legal fees relative to this AAG application process.” Per the attached Invoice from [redacted], you are responsible for the third party costs incurred for the foundation inspection because you voluntarily cancelled the loan process (Attached). We are sorry were not able to work with you fund your loan. If your circumstances change and you would like to proceed with a reverse mortgage, AAG would be happy to accept a re-application from you. Please feel free to call or email me with any questions.  Sincerely, [redacted]CARES ManagerAmerican Advisors Group866-948-0003 Ext. [redacted]

To whom it may concern:We do apologize for the incorrect address on the letter. The correct address is as follows:[redacted]
[redacted] The bottom line issue on this file is that one of the appraisers called out what he believed to be an encroachment.  The borrower could have resolved this in one of 3 ways: Provide a survey that identifies the exact distance of the fence to the property line. Move the fence to no more than 1 foot from the property line Record an easement The borrower (per the conversation log) was not willing to resolve the issue. The loan was approved and pending conditions of which the appraisal was one of them. We hope this helps bring clarity to the facts associated to your listed concerns and we wish you all the best