The CFPB fined American Advisors Group, Reverse Mortgage Solutions, and Aegean Financial nearly $800,000 for “using deceptive advertisements to sell reverse mortgages” by “promot[ing] the loans as essentially risk-free.” The CFPB fined American Advisors Group $400,000, Reverse Mortgage Solutions $325,000 and Aegean Financial $65,000.

• In December 2016, “the Consumer Financial Protection Bureau fined three companies for using deceptive advertisements to sell reverse mortgages.” The CFPB fined the companies a combined $800,000. [Ann Carrns, “Reverse Mortgage Lenders Fined for Ads That ‘Tricked’ Older Borrowers”, New York Times, 12/09/16]

• The CFPB alleged the companies “promoted the loans as essentially risk-free.” [Ann Carrns, “Reverse Mortgage Lenders Fined for Ads That ‘Tricked’ Older Borrowers”, New York Times, 12/09/16]

• “The largest penalty, $400,000, went to American Advisors Group, the largest reverse-mortgage lender in the United States. A second company, Reverse Mortgage Solutions, agreed to pay a $325,000 penalty. A third company, Aegean Financial, will pay a penalty of $65,000.” [Ann Carrns, “Reverse Mortgage Lenders Fined for Ads That ‘Tricked’ Older Borrowers”, New York Times, 12/09/16]