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Reverse Mortgages

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Initial Complaint
04/12/2022
Complaint Type:
Service or Repair Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
I called AAG for a reverse mortgage back in November 2021 and talked to ***************************** we talked about the loan and I told him about the house trim needed repainting the outside stairs needed repair the countertop needs work and ******* told me not to worry about the repairs because that is what the loan is for, I built this home in 2011 with a lot of extras but the inspector said all of the problems needed to be repaired before the loan, so I called ******* and he said that I need to repair the problems I told him what he told me about the repairs and he sent me to *********************** she said she would check into it and get back to me still waiting I asked for my money back the $550 for the inspection and $175 for the consultation. I feel that I was miss informed because I had help to repair the house and ***************************** told me not to do it also there is a shed that came on the property and they said it was a problem ,they dont call back please help me get my money back
Business response
04/26/2022
AAG is still working on finalizing the response to the complaint requested by April 20, 2022. We apologize for the delay. This complaint has been reassigned to me for my review. Allow me to submit a one-time request for a 10 (ten) day extension of time to respond to the BBB, so that AAG can address the complaint with the appropriate consideration. With your kind consideration the projected extension date will allow the additional time needed to finalize and obtain formal approval prior to submission to your office. Since the actual due date was April 20, 2022, AAG respectfully requests the date be amended from April 20, 2022, to May 6, 2022. We hope you find this to be fair and equitable.
We look forward to your feedback and anticipated approval. In the interim, should you have any questions or concerns please feel free to contact me at the number below.

***********************************
Compliance Specialist II
AAG | American Advisors Group
Phone: **********************
Email: *************************************
Mailing Address: ***************************************************************************** 92612
Business response
05/11/2022
May 9, 2022

*******************************
4135 *******************
********, ** 85929

Re: BBB Complaint ID #: ******** Reimbursement

Dear ********************:
American Advisors Group (AAG) is writing in response to the correspondence dated April 12,
2022, received from the Better Business Bureau (BBB). AAG appreciates the opportunity to
address the concerns described in the above referenced complaint.
On November 30, 2021, the Loan ******** ****************************** spoke with Mr. and *********************.
******************** indicated he was interested in moving forward with Reverse Mortgage Home Loan
application. On January 6, 2022, payment was collected in the amount of $525.00 for a home
inspection appraisal report on the subject property. On February 14, 2022, the completed appraisal
report was returned to AAG. on February 22, 2022, the completed appraisal report was reviewed
by AAGs ******************** Team. Repairs were required per the appraisers comments and
as such, the request for set aside was denied.
The loan application process requires a home inspection report to determine the value and safety
of the home. The property must be free of all known hazards and adverse conditions that may
affect the health and safety of the occupants prior to closing a home loan application insured by
the ************************* (FHA).
On February 23, 2022, the loan officer emailed ******************** to explain that in order to move
forward with the loan application the repairs were required. On April 5, 2022, a Notice of
Incomplete Application and Request for Additional Information notice was mailed to *************** to follow up on outstanding documentation request. On April 11, 2022, the loan
application was withdrawn, per ******************** request.
AAG strives to provide our borrowers with the highest level of service, and we apologize for any
inconvenience that you may have experienced. A check in the amount of $660.00 representing the
refund of the appraisal report cost was mailed to you on April 27, 2022. You will receive the check
separately from this response letter.
Please feel free to reach out to us if we can be of further assistance. Our contact information is
listed below.
Respectfully,

AAG CARES Department
Complaint Resolution | Risk and Compliance
AAG | American Advisors Group
PHONE: ************
EMAIL: ******************************************************
ADDRESS: ***************************************************************************** 92612
Initial Complaint
04/11/2022
Complaint Type:
Sales and Advertising Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
Unsolicited Mail. Remove from mail lists.
Business response
04/26/2022
AAG is still working on finalizing the response to the complaint requested by April 26, 2022. Allow me to submit a one-time request for a 7 (seven) day extension of time to respond to the BBB, so that AAG can address the complaint with the appropriate consideration. With your kind consideration the projected extension date will allow the additional time needed to finalize and obtain formal approval prior to submission to your office. Since the actual due date April 26, 2022, AAG respectfully requests the date be amended from April 26, 2022, to May 3, 2022. We hope you find this to be fair and equitable.

We look forward to your feedback and anticipated approval. In the interim, should you have any questions or concerns please feel free to contact me at the number below.
***********************************
Compliance Specialist II
AAG | American Advisors Group
Phone: **********************
Email: *************************************
Mailing Address: ***************************************************************************** 92612
Customer response
04/27/2022

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********. I will wait for the business to perform the action requested within the extended time period.

*****************************
Initial Complaint
03/30/2022
Complaint Type:
Product Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
Re: reverse mortgage from American Advisors Group (AAG) Loan # *******, I'm court appointed executor of the ******************** estate. **************** Passed away late August, 2021.The AAG Loan servicing ***** requested I submit the following documents. September 2, 2021 I wrote a letter of intent to sell property and a copy of the ******************** Will nominating me, ********************************* as executor. I also faxed them a copy of Death cert. I was then sent an "Auto-replay" from loan servicing.They had received the emails but would take 10 to 15 working days to process. On December 22, 2021, I also emailed a probate court Letter of Testamentary appointing me as executor of ******************** estate. I was again sent an "Auto-reply" and "would take 10 to 15 working days to process and if necessary,we will follow up regarding the contents of your emails. Please note it is not necessary to send your emails more than one time."Without any contact, on March 26, 2022 I was mailed documents of foreclosure on this loan.I immediately called AAG loan servicing for an explanation.They confirmed the loan but said sorry, they cannot speak to me nor give me any information because I am not in the records of a valid contact person. I demanded they look for email documents I had sent them with dates I've listed above. They said they have no record of anything! I terminated the call, researched my emails, called back, this time another agent,I demand she look for dates listed above. She finally found the "letter of Intent" of sept 22, 2021 but nothing else, could not speak to me because I was not listed as executor, when in fact, that very letter has a JPG photo of the Will showing me as executor attached! she had me resend all the documents again (3rd time). Apparently what I sent was never processed or lost. It seems to be their desire to quickly prodeed to foreclosure without contacting people. Property is for sale but loan is now in foreclosure. This is Willful negligance and is illegal! Please Help!
Business response
03/31/2022
This loan was service transferred from American Advisors Group (AAG) to Reverse Mortgage Funding (RMF) effective December 1, 2021. Federal privacy laws prevent AAG from obtaining current details regarding this loan, the complainant will need to contact RMF. A servicing transfer notice was mailed on November 15, 2021.
Customer response
03/31/2022
This response by AAG loan servicing group further illustrates the complete lack of communication and correspondence with the beneficiaries and executor of this loan. No attempt was made by AAG to advise these persons of any change of status of this loan; the notice mentioned in AAG's above response was never received. also never received was any "monthly statements" as stated when calling the servicing phone number. My Letter of intent to sell property was sent September 2, 2021. This loan as stated in this AAG response was sent to Reverse Mortgage Funding LLC in November 2021 only 60 days after the letter of Intent and without any correspondence to the parties involved.
*********************************, Executor, ********************* estate.
Business response
04/01/2022
This loan was service transferred from American Advisors Group (AAG) to Reverse Mortgage Funding (RMF) effective December 1, 2021. Federal privacy laws prevent AAG from obtaining current details regarding this loan, the complainant will need to contact RMF. A servicing transfer notice was mailed on November 15, 2021. Please contact RNF at ************.
Customer response
04/26/2022

Better Business Bureau:

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,

*********************************
Initial Complaint
03/23/2022
Complaint Type:
Service or Repair Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
myself and my attorney have been trying to get information about selling my late fathers home. My father passed away in Dec 2021 and I called AAG and advised them I had a buyer they told me they would work with me they then put the house into foreclosure and have refused to respond to any requests. We have a buyer for the house and have put in a settlement offer to AAG and have not heard anything for 15 days now. Our buyer is ready to walk away and we will be forced to loose the property.
Business response
04/01/2022
Effective December 1, 2021, the servicing of the above referenced reverse mortgage, including all rights were transferred from American Advisors Group (AAG) to Reverse Mortgage Funding, LLC (RMF). AAG no longer holds the lender rights to this loan and does not have access to account specific information.
Customer response
04/01/2022
this is a lie we have had direct communication with people at AAG that have caused our closing to be pushed almost 3 months! And get over $25,000 in fees.
Business response
04/04/2022
Effective December 1, 2021, the servicing of the above referenced reverse mortgage, including all rights were transferred from American Advisors Group (AAG) to Reverse Mortgage Funding, LLC (RMF). AAG no longer holds the lender rights to this loan and does not have access to account specific information.
Initial Complaint
03/11/2022
Complaint Type:
Service or Repair Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
On or about January 5, 2022, I applied to AAG to re-finance my reverse mortgage on my home. AAG requested copies of a number of documents concerning both my current status financially and documentation related to when I first obtained my reverse mortgage. The only document not provided was a "Pension/Retirement Award Letter" because no such document exists. They told me that they were looking for a letter from the ****************** to me when I retired (I was employed by the ****************** for 39 years; retiring on 6/30/2000) stating that this retirement income is for life. I told them several times that I was given no such letter. Unless I came back to work for the ******************, it was understood that it would be for life. I went through a session with a Certified Reverse Mortgage Counselor for a cost of $135.00. I also paid $645.00 for a real estate appraisal. The appraiser found several things that required repair/replacement before they would pass inspection. I was told that I would receive a letter specifying exactly why I was being turned down and the things requiring repair/replacement. On approximately 3/5/22, I received a package from AAG. Absolutely nothing in the package pertained to me. Even the cover letter was addressed to a couple living in another state who were requesting re-financing of their reverse mortgage so they could sell their home. Approximately 100 pages of detailed information and pictures pertaining to their home were enclosed. I must assume that my information was mailed to someone else. This is nothing but pure carelessness on AAG's part. I would also think (and hope) that sending personal detailed information to a complete stranger is illegal. I have not spoken to AAG about this as yet. I wanted to see what the BBB's take was on this first.
Business response
04/01/2022
AAG is still working on finalizing the response to the complaint requested by March 24, 2022. Allow me to submit a one-time request for a extension of time to respond to the Department so that AAG can address the complaint with the appropriate consideration. With your kind consideration the projected extension date will allow the additional time needed to finalize and obtain formal approval prior to submission to your office. Since the actual due date is today, AAG respectfully requests the date be amended from March 24, 2022, to April 5, 2022. We hope you find this to be fair and equitable.

Customer response
04/01/2022

Better Business Bureau:

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,

***********************

The business did not provide a response to resolve the complaint; they requested an extension to April 5th. That is what I accept.
Regards,
***********************
Initial Complaint
03/02/2022
Complaint Type:
Product Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
AAG was deceptive in me trying to aquire my mothers property after her death and put the house in forclosure starting in October after telling me i had a opportunity to buy the home and submit documentation by Jan 17th. I sent documentation and they refused to remove the foreclosure proceedings only allowing me 28 days to secure financing after telling me my extension request was under review. I feel like they scammed to take the house and there request were unreasonable
Business response
03/03/2022
AAG is not able to locate an account in our systems using the information provided in the complaint. Please provide the property address, borrower's full name, loan number, or other identifying information and AAG will investigate the complaint details. Thank you.
Initial Complaint
12/11/2021
Complaint Type:
Service or Repair Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
We are unable to get payoff quote. Celink gives us excuses and the run around every time we call. We submitted documents, but after reading other complaints online we are concerned we will not get the quote as they seem to have a track record of making this difficult to extend the life of the loan. We are extremely concerned and feel that they are taking advantage of the elderly making the consumer go through circular phone conversations only to be told nothing can be done.
Business response
12/15/2021
This loan was service transferred from American Advisors Group (AAG) to Reverse Mortgage Funding (RMF) effective December 1, 2021. A servicing transfer notice was mailed to the borrower on November 15, 2021. AAG did forward the complaint to the proper entity for response and was advised that a response would be sent directly to the borrower.
Initial Complaint
10/15/2021
Complaint Type:
Sales and Advertising Issues
Status:
Resolved
The complainant verified the issue was resolved to their satisfaction.
This is about the 3rd mailing I have received. Would like to be removed from mailing list and all future mailings stopped.
Business response
10/22/2021
AAG has completed a thorough review of the details associated to the complainants concern. Please see the attached detailed response letter.
Customer response
10/25/2021

Better Business Bureau:

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,

*************************
Initial Complaint
09/16/2021
Complaint Type:
Product Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
My name is **************************************, I'm the administrator of my mother property located at: *************************,******************************************************************************************, Account # *******. My mom pass October 23, 2020. I reached out to AAG, starting in April 2021, to get a pay-off amount. I sent my request to them four times by email as requested, each time I call I get the runaround. As of today, I do not have it. The fund are available, I just need a response. Are they holding out for more interest? This should have been an easy process. AAG has all the information they requested from me (death certificate, documents from my lawyer showing I'm the administrator of the property). This is bad practice and the commercials are very misleading, especially for a grieving family.
Business response
09/22/2021
AAG has worked in cooperation with our Loan Servicing agent to complete a thorough review of the details associated to the complainants concern. Please see the attached detailed response letter.
Initial Complaint
09/16/2021
Complaint Type:
Sales and Advertising Issues
Status:
Answered
The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.
I am one of ten beneficiaries of my late aunts house. She had a reverse mortgage that she didn't need. She died May 27th 2021 and it has been a struggle to get any information especially a payoff so we can close on selling the house. She left her house to the 10 beneficiaries in a **** ( transfer of death deed) which allows a house in ********* to transfer to the beneficiaries with out having to go through probate. They have demanded that the executer of the estate signs paperwork etc. The problem is that the executer has nothing to do with the house since the executor is not one of the beneficiaries and the house is no longer part of the estate due that it was set up in a ****. If we dont get AAG to cooperate in a very timely manner we will lose the sale of the house that is pending. They have been everything but cooperative and it is like they want the house to go in to default. Its bad enough that they use well known actors to prey on the elderly but then they dont cooperate at all
Business response
09/22/2021
AAG has worked in cooperation with our Loan Servicing agent to complete a thorough review of the details associated to the complainants concern. Please see the attached detailed response letter.

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