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Review by Wayne Hall7 months ago
I contacted AAG regarding a reverse mortgage. They sent me a lot of different mailings and it all sounded good so I contacted them. The Advisor, Paloma Remington, was very nice and answered all my questions to my satisfaction. We decided to move forward and went through the "counseling" session. When that was done the next thing I heard from Paloma was that the interest rates she'd quoted me had gone up .30% and that they suddenly wanted a $15,000 origination fee when she'd previously quoted $0 fee. When I objected she tried to convince me that all the lenders had cut back lending, increased interest rates and fees and because of the COVID-19 issue the housing market was going to crash. I went to another company and found that many lenders were still lending at lower rates than AAG, offered loans without origination fees, and were not predicting a melt down of the lending/real estate markets. I ran and you should too!
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Review by Dan & Sue4 years ago
My wife and I contacted AAG after seeing their ad on television for reverse mortgages. We were assigned a sales rep named Roman Cardenas. In the beginning it sounded good, but Roman omitted two very important details.
1). We could never get a straight answer regarding how much the closing costs were going to be. We thought that around $6000 or so would be reasonable for senior citizens. When we had our closing the total costs were around $12,000. That did not include the appraisal and the first phone call that's mandatory. We paid for those things out our own pocket. We couldn't believe how much money it was costing us for this reverse mortgage closing. The phone call which was a BS call cost us $125, and the appraisal was $450 plus another $50 for some related fee regarding appraisal. We felt that paying $125 for a 10 minute phone call was way out of line financially. We also feel $500 for an appraisal which took about 15 minutes was totally outrageous.
2) After we already spent about $600 out-of-pocket Roman informed us that he forgot to tell us about a large sum of taxes to the state of Florida where we left. The state of Florida nailed us for $1400 for a second mortgage in the amount of $390,000. The problem was that we do NOT have a mortgage for $390,000! The maximum amount of money we could draw was around $136,000. AAG sent two mortgages to the state of Florida, but we only have one note. We did not know they were going to send a bogus second mortgage which doesn't even exist. This was dishonest and they intentionally withheld the fact that they were going to do a second mortgage for $390,000. If we knew that we would've canceled the whole process immediately even though we already spent $600 of our own money.
3) when we had the closing with a Notary Public who came to our home everything happened so fast that we did not know about a second mortgage note. The state of Florida taxed us on the $136,000 note,but they also charged us $1400 for the nonexistent $390,000 note. When we found out we were screwed out of $1400 for nothing we called the tax department. They told us to call a lady in Florida who could reverse the $1400 charge for the nonexistent mortgage. She said we would have to get AAG to withdraw the note. We then called Brandy Doucette, who is the sales manager at AAG. We explained the $1400 error to her. She told us that we should have been looking through the closing papers when the notary was here and that was not her problem. She promised to get back to us after discussing this situation with her bosses. She never called back. The state of Florida said they would not refund the $1400 unless AAG withdrew the note. AAG told us it was up to the state of Florida to deal with the matter. The state of Florida told us AAG had to retract the second mortgage In order for us to get a refund. AAG made no attempt to contact us regarding this matter and refused to help us get our money back. As far as were concerned we were out $1400 for nothing. You see, we never had a second mortgage and AAG knew that.
AAG didn't give a damn about us being out $1400. They simply don't care. All they care about is making commissions and interest and not taking care the major problem we had. The sales manager-Brandy Doucette was nasty and made it clear that it wasn't her problem to deal with. We never heard from her again or anyone else from AAG.
As far as were concerned, everyone should stay away from a reverse mortgage unless you're desperate for cash. The closing costs were absolutely ridiculous and we were in debt for $12,000 because of these closing costs.
in addition, the interest rate they're charging us for their money is variable and can rise as high as 12 1/2%. The rate changes monthly instead of annually and since we've had this reverse mortgage the rate has gone up every single month. When we first talked to Roman he told us the interest rate almost never goes up.
Everything about AAG was horrible. Every time they called us they added some other fees for something that was not told to us before. The whole concept of a reverse mortgage is to help seniors, but we would never recommend AAG to anyone. If you have to take a reverse mortgage pick someone else and research their company!
3) AAG knew from the beginning that we lived in Florida. As far as we're concerned, they omitted telling us that they were going to send two mortgage notes to be recorded in Florida. The end result is we are paying down our balance with AAG as quickly as possible. We see no reason why we should be giving AAG and HUD money every month based on our balance. AAG whacked us for $4700 initially for their part in the reverse mortgage.
4) Every month we get a statement from AAG which includes interest on the unpaid closing costs and a BS bill from HUD. HUD already got a considerable amount of money in the beginning up front and they take more money from us every month even though they got about $1300 upfront for their BS insurance. This whole thing is nothing but a scam that bit by bit, takes your home's equity away. Make double sure that you will be staying in your house for the rest of your life. If you're not sure do NOT take a reverse mortgage. If you sell your house you will have to pay off the balance that has accrued from AAG and the government.
4) Overall, the experience with a AAG was horrible at best. We're especially upset with the sales department manager Brandy Doucette for not calling us back and not caring about our problem. A person like this never should've been in a managerial position. She didn't know the first thing about customer service and customer satisfaction, and she didn't care.
To sum it up, stay as far as you can away from AAG and do not do business with them. They simply don't care about you and all they want is money from you. Just remember what we said about the ridiculous amount the closing costs are on a reverse mortgage.
Do NOT take out a reverse mortgage unless you're desperate for cash.
5) One last thing. AAG sent us an appraisal belonging to a woman in Virginia with the same name as my wife. Talk about incompetent people! We should have sent it to that woman, but we didn't. That was before we got dumped by Brandy Doucette.
WE have zero trust in AAG and wish we never met them.
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