Mortgage -- Applying for a mortgage or refinancing an existing mortgage -- Complaint #5841603
Complaint Overview
Complaint ID: 5841603
Company: American Advisors Group
Product: Mortgage
Sub-Product: Reverse mortgage
Issue: Applying for a mortgage or refinancing an existing mortgage
State: North Carolina
ZIP Code: 287XX
Date Received: 2022-08-03T12:00:00-05:00
Date Sent to Company: 2022-08-03T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
I contacted AAG about whether I would qualify for a reverse mortgage in XX/XX/2022. Worked with XXXX XXXX who stated he had many years of experience and would research comps in my area. XXXX XXXX called back stating I would qualify for reverse mortgage based on his research of comps estimating my home value @ {$430000.00}. Because of his advice and ongoing reassurances I proceeded with the application completing the appraisal and required counseling. The appraisal came in at {$370000.00} short of what I needed to qualify. I am now {$770.00} more in debt. Read the article from your organization about overinflated estimates to persuade borrowers to proceed with loan applications. Have tried to contact XXXX XXXX about this issue with no response & unable to contact supervisors.
Frequently Asked Questions
What is Complaint #5841603 about?
Complaint #5841603 was filed against American Advisors Group regarding Mortgage specifically about Applying for a mortgage or refinancing an existing mortgage. It was received by the CFPB on 2022-08-03T12:00:00-05:00.
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.