American Advisors Group Mortgage Complaint

American Advisors Group Mortgage department,

Reverse mortgage Settlement process and costs Colorado

I recently refinanced my reverse mortgage. I went to receive my first distribution check a few weeks ago at -. Mistakenly I was given the commission check of the broker and was horrified to see he had been paid $12000.00 to originate this loan. I discovered that the lender AAG, Inc and the broker were using " premium '' pricing to increase their profits at the expense of myself and I 'm sure many other elderly people. - of MTI Toolbox had originated this loan at - points above par without my permission and without any disclosure that this was happening. I believe that this is a new strategy that is being used by the reverse mortgage industry to increase their profits now that foreclosing on these loans is much more difficult due to Dodd-Frank..