WASHINGTON, D.C.– Today the Consumer Financial
Protection Bureau (CFPB) took action against three reverse mortgage
companies for deceptive advertisements, including claiming that
consumers could not lose their homes. The CFPB is ordering American
Advisors Group, Reverse Mortgage Solutions, and Aegean Financial to
cease deceptive advertising practices, implement systems to ensure
they are complying with all laws, and pay penalties.
“These companies tricked consumers into believing they could not
lose their homes with a reverse mortgage,” said CFPB Director
Richard Cordray....