On December 7, the CFPB took action against three reverse mortgage lenders for engaging in deceptive advertising practices in violation of the Mortgage Acts and Practices Advertising Rule. The companies, American Advisors Group, Reverse Mortgage Solutions, and Aegean Financial, engaged in a misleading practice by, among other things, misinforming consumers that they could not lose their homes with a reverse mortgage. The three consent orders require the companies to cease deceptive practices, implement procedures to comply with all laws, and pay penalties ranging from $65,000 to $400,000. American Advisors Group is the largest reverse mortgage lender in the country. Because of the complexity of reverse mortgages, the CFPB has made a point of studying and reporting on advertising abuses within the industry.
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