Mortgage -- Closing on a mortgage -- Complaint #4411839
Complaint Overview
Complaint ID: 4411839
Company: American Advisors Group
Product: Mortgage
Sub-Product: Reverse mortgage
Issue: Closing on a mortgage
State: Minnesota
ZIP Code: 55118
Date Received: 2021-05-27T12:00:00-05:00
Date Sent to Company: 2021-05-27T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
My husband and I closed on a Reverse Mortgage from American Advisors Group in XXXX of this year expecting to be able to gain access to the equity in our home by next XXXX. Instead, after closing, we were told that the equity would be used to pay our taxes and insurance on the home only. This was neither explained to us before the loan closing or after when we questioned this.Had we realized that we would have not access to our equity for the life of the loan, we would not have closed on this loan. Our home is 72-years-old and in need of a few major repairs including replacement of our heat/air conditioning unit and the siding on the back of our house. I fear that they can foreclose on our home because we did not make these necessary repairs. We asked why our loan was structured like this but did not receive a reasonable explanation. We tried to talk to anyone at AAG to get further details but no one called us back. I understood that the spirit of this loan was to help seniors to make repairs, pay off debts and other expenses, not pay our taxes and insurance only for the rest of our lives.
Frequently Asked Questions
What is Complaint #4411839 about?
Complaint #4411839 was filed against American Advisors Group regarding Mortgage specifically about Closing on a mortgage. It was received by the CFPB on 2021-05-27T12:00:00-05:00.
How did American Advisors Group respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Mortgage) and describe your issue in detail.
Can I see other complaints against American Advisors Group?
Yes, visit the American Advisors Group company profile at readthecomplaint.com/company/american-advisors-group to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.