Business ProfileforAAG
Reverse Mortgages
The Complaints and Reviews shown on this HQ profile may have been submitted against either the HQ itself or one of the corporate-owned locations found under "Find Locations".
Additional business information
Additional Info:
FINALIST of the 2020 Better Business Bureau's Torch Award for Ethics
At-a-glance
Customer Complaints
53 complaints closed in last 3 years
3 complaints closed in last 12 months
Customer Reviews are not used in the calculation of BBB Rating
Related Categories
Overview
This business offers home equity solutions including reverse mortgages loans, traditional home refinances, and VA loans.
Products & Services
Business Details
This is a multi-location business.
- Headquarters
- 18200 Von Karman Ave Ste 300, Irvine, CA 92612-1016
- BBB File Opened:
- 5/16/2013
- Years in Business:
- 20
- Business Started:
- 10/29/2004
- Business Incorporated:
- 10/29/2004
- Accredited Since:
- 8/22/2005
- Licensing Information:
- This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.
- NMLS# 9392 (www.nmlsconsumeraccess.org). American Advisors Group (AAG) is headquartered at 3800 W. Chapman Ave., 3rd & 7th Floors, Orange CA, 92868. AAG conducts business in the following states: AK (Alaska Mortgage Broker/Lender License No. AK9392), AL, AR, AZ (BK_0911141), CA (CA Loans made or arranged pursuant to a California Finance Lenders Law license (603F324) and Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act (4131144)), CO (Regulated by the Division of Real Estate; to check the license status of your mortgage loan originator, visit http://www.dora.state.co.us/real-estate/index.htm), CT, DC
(District of Columbia Mortgage Dual Authority License No. MLB9392), DE, FL, GA (residential Mortgage Licensee #22849), HI, IA, ID, IL (Illinois Residential Mortgage Licensee; Illinois Commissioner of Banks can be reached at 100 West Randolph, 9th Floor, Chicago, Illinois 60601, (312)814-4500), IN, KS (Kansas Licensed Mortgage Company MC. 0025024), KY, LA, MD, ME (SLM11356), MI, MN, MO (4824 NW Gateway Ave, Suite 201, Riverside, MO 64168), MS (Licensed by the Mississippi Department of Banking and Consumer Finance), MT, NC, ND, NE, NH (Licensed by the New Hampshire banking department), NJ (Licensed by the N.J. Department of Banking and Insurance), NM, NV, NY (Licensed Mortgage Banker-NYS Department of Financial Services; American Advisors Group operates as American Advisors Group, Inc. in New York.) LMBC 109396, OH (RM.850159.000), OK, OR (ML-4623), PA (Licensed by the Pennsylvania Department of Banking 28356), RI (Rhode Island Licensed Lender), SD, SC, TN, TX (Mortgage Banker Registration, 13785 Research Blvd, Ste. 125, Austin, TX 78750), UT, VA (Licensed by the Virginia State Corporation Commission MC – 5134), VT (Vermont Lender License No. 6384), WA (Consumer Loan # CL-9392),WV, WI, WY (WY-DBA AAG Reverse Mortgage Lender/Broker License No. 2331). AAG offers a jumbo reverse mortgage product in AZ, CA, CO, CT, D.C., FL, GA, HI, ID, IL, LA, MI, NJ, NV, NY, OH, OR, PA, RI, SC, TX, UT, VA and WA. Advantage Flex and Select are not available in all states.
AAG is an equal housing lender. These materials are not from HUD or FHA and were not approved by HUD or a government agency.
AAG works with other lenders and financial institutions. To process your request for a mortgage, AAG may forward your contact information to such lenders for your consideration of mortgage programs that they offer.
Reverse mortgage information:
A reverse mortgage increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan).
Reverse mortgage loan terms include occupying the home as your primary residence, maintaining the home, paying property taxes and homeowners insurance. Although these costs may be substantial, AAG does not establish an escrow account for these payments. However, a set-aside account can be set up for taxes and insurance, and in some cases may be required. Not all interest on a reverse mortgage is tax-deductible and to the extent that it is, such deduction is not available until the loan is partially or fully repaid.
AAG charges an origination fee, mortgage insurance premium (where required by HUD), closing costs and servicing fees, rolled into the balance of the loan. AAG charges interest on the balance, which grows over time. When the last borrower or eligible non-borrowing spouse dies, sells the home, permanently moves out, or fails to comply with the loan terms, the loan becomes due and payable (and the property may become subject to foreclosure). When this happens, some or all of the equity in the property no longer belongs to the borrowers, who may need to sell the home or otherwise repay the loan balance.
- Type of Entity:
- Corporation
- Alternate Business Name
- American Advisors Group
- Business Management
- Mr. Reza Jahangiri, CEO
- Mr. Complaints, Complaint Manager
- Ms. Kelly South, Member
- Mr. Accounts Payable, Accounts Payable Staff
- Ms. Christine Atchison, Digital Marketing Director
- Ms. Victoria Villasenor, Communications Specialist
- Contact Information
Principal
- Ms. Kelly South, Member
Customer Contact
- Mr. Reza Jahangiri, CEO
- Mr. Complaints, Complaint Manager
- Ms. Kelly South, Member
- Ms. Christine Atchison, Digital Marketing Director
Customer Complaints
53 Customer Complaints
Need to file a complaint? BBB is here to help. We'll guide you through the process. How BBB Processes Complaints and Reviews
File a ComplaintMost Recent Customer Complaint
03/03/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
1/24/24, my ******** entered into a pre loan app for a refi on our existing reverse mtge w/ AAG w/ rep, J Varma. NPB, CA. He said before we get started, Im going to run a SOFT CREDIT CHECK. Not the case. Scores took a big hit. Went thru HUD counseling & appraisal. J said we had comps in the area of 800K, I told ******** dont think it would appraise for 800K but maybe 725K; but he was fixated the $800K figure & I finally said well Im sure you know what youre doing. 2/1, a Processor came by & notarized our *********** it to AAG. 2/6, appraiser came. I heard from no one other than 1 w/ a 248 area code, saying he needed to be paid for the appraisal. I asked the appraiser, "Who do I pay?" She didnt know. Called again after appraisal & said we owed $561. Told him the last time he sent this via text message, he had it. I was leery, w/ all the scams. The appraisal, (which came up in AAG's favor at 698K. It seemed to be short. Tax appraisal, 641K. On the appraisal, which I dispute, it showed our dining rm as a sun rm. Not hearing from AAG over 2 wks, I called, & the operator asked how my call could be directed. I said to anyone. ************************* had the loan & had told him it was approved & just pending closing. ****** called on 2/27. and notified me it was rejected. Said he would take it to his superiors & let me know by 2/29. Haven't heard from him yet !! Can't get any other contact info on his office. So, I feel that for our neglect, we should be reimbursed for the appraisal, HUD counseling, time spent on gathering, tax info, receipts, etc. & other expenses. All someone had to say was we didnt have enough equity, which I still dont understand. We were forced to pay upfront fees for what we didn't qualify for. Our Complaint is for Deceptive practices, predatory lending, excessive fees,elder abuse,etc. All they had to do was tell us we weren't going to qualify. We paid money for something that was never going to happen & a lot of time spent on gathering ****************
Read MoreCustomer Reviews
432 Customer Reviews
What do you think? Share your review.
Most Recent Customer Review
Bonnie W
1 star04/11/2024
I completed all of the repairs required to receive the balance of my loan. Today I called to schedule an inspection. Now they want me to call the flooring company installers back out to complete a repair affidavit and lien waiver. The installers? Seriously? They could have told me that this would have to be done beforehand so that I could have the installers sign this paper while they were here. Ridiculous!! They think the installers have the time to "stop by" my house to do this? although I don't expect to have to borrow money to do repairs on my home again, If I do this will not be the company I will deal with. Incompetent!
BBB Business Profiles may not be reproduced for sales or promotional purposes.
BBB Business Profiles are provided solely to assist you in exercising your own best judgment. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles.
When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.
BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.
As a matter of policy, BBB does not endorse any product, service or business. Businesses are under no obligation to seek BBB accreditation, and some businesses are not accredited because they have not sought BBB accreditation.