Complain about a product or service

American Advisor Group

Teague of Irvine, CA March 3, 2010

I am writing to request the removal of your posting regarding American Advisors Group dated March 9, 2009. The information provided by the complainant is incorrect or inaccurate and reflects poorly on our company that has conducted business according to all state and federal laws and regulations. The complainant references "keeping up with interest payments every month". This is NOT correct. As per any FHA approved HECM reverse mortgage, interest fees are added to the loan and are not repaid until the loan reaches maturity--normally when the last borrower moves out of the home. This is clearly disclosed in the loan documents and is part of the government required counseling each borrower undergoes before closing the loan.

Also, the complainant's assertion that the loan will reach 300,000 and will leave her family unable to pay it off is again, UNTRUE. Part of a FHA insured loan includes Mortgage Insurance Premium which ensures that a borrower can never owe more than the value of their home. The complainant was clearly not present at any doc signings nor the counseling and has a compete misunderstanding of the product and the program.

Frankly, we are surprised that consumeraffairs.org would post a complaint like this without doing any kind of diligence on the facts behind the complaint. Please take down this posting or provide us the appropriate opportunity to respond.

Selim of Holtsville, NY April 23, 2009

I purchased a ticket to go to Turkey using credit card miles through American Airlines. trip from United States to Turkey was OK. I had to change flight in London, UK. coming back I had to fly with Malev airlines to Budapest, Hungary then to Brussels, Belgium then from Brussels United states with American Airlines. I left Istanbul, Turkey without a problem. When I tried to check in for Brussels from Budapest, Airport police confiscated my passport and boarding pass because they said that I needed a visa to go through Shengen countries even though I was only transferring. I had to stay 7 hours at Budapest airport and pay another 150.00 to American Airlines so they could re route my trip to London,UK then to United States.

On top of everything I waited another day to receive my luggage because it was lost. Airlines shouldn't have let me get on the plane in Istanbul, Turkey because I didn't have a Shengen visa. My 12 hour trip extended to 24 hours because of their mistake. I believe I should not have to pay 150.00 to re route my trip.

Candy of Covington, GA March 9, 2009

Candy of Covington GA (03/09/09)
My mom decided to go into a reverse mortgage with her home. She received information from American Advisor Group and spoke with Mr. Jon Leonhardt who is no longer with the company. He explained to her that she would not have any more monthly payments in regards to mortgage payments. He also told her when she wanted she would be able to refinance when she needed to. He never told her that she would have to keep up with interest payments every month.

My mom made these changes back in september of last year. Now her original loan amount from September to now has increased by 10,000 more and she has been told that by the time she passes on or decides to sell the house her mortgage could be up to 300,000. Leaving her family unable to pay it off. Now she wants to refinance but no ones is willing to help her. What can she do? Are reverse mortgages legal and owned by the government?

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