Reverse Mortgages: Should You Trust Tom Selleck or a Federal Agency

By Pam Martens and Russ Martens: May 14, 2018 ~ The actor Tom Selleck is appearing in a television commercial for American Advisors Group (AAG). The product he is pushing is the company’s reverse mortgages. He gazes sincerely at his TV audience of financially struggling retirees and tells them reassuringly that he’s done his homework on this company. Remembering that Tom Selleck is an actor and not necessarily a good researcher, we decided to go where every prudent consumer should go first when checking out a financial services company: to the Consumer Financial Protection Bureau’s (CFPB) complaint database. There are 22 complaints against AAG and some are pretty frightening. Apparently, the CFPB, a Federal agency created under the Dodd-Frank financial reform legislation of 2010, found enough consumer complaints to be valid to take action against AAG. On December 7, 2016 the CFPB fined AAG $400,000 for deceptive advertising and ordered … Continue reading