AAG and BBB Launch 2020 Savvy Seniors Program

March 17, 2020

Free Consumer Education Program Trains Seniors to Avoid Financial Scams

ORANGE, Calif. (March 17, 2020) – As part of their continued fight to end elder abuse, American Advisors Group (AAG), the leading provider of home equity solutions for retirement, has renewed its partnership with the Better Business Bureau Pacific Southwest (BBB PacSW) to extend the Savvy Seniors Program. The senior-focused fraud prevention program will host sessions across Southern California and Arizona aimed at coaching active seniors on how to recognize targeted fraud such as grandparent, Medicare, power-of-attorney and email scams. Lessons also include financial spending tips and information on other programs aimed at empowering the senior community.

“It’s a pleasure to continue to work alongside the BBB and help our senior community stay safe against financial criminals,” said AAG Chief Marketing Officer Martin Lenoir. “All of our customers are older Americans and our number one goal is to make sure they’re able to achieve the retirement they deserve. This program helps take that promise to another level.”

Each year, senior citizens lose more than $36 billion to financial fraud, however, far more unreported incidents may take place. The U.S. Department of Justice reports that senior citizens are less likely to report fraud because they don’t know who to contact, don’t know they have been scammed, or are ashamed to tell their family.

According to BBB PacSW, the average victim of senior-focused fraud:

Was 47% more susceptible to scams than other age groups
Was most frequently targeted by investment scams, vacation scams, tech support scams, sweepstakes/lottery scams, and home improvement purchase scams
Was most at risk to romance scams between the ages of 55-64
Used a credit card as a top method of payment to scammers
Was most commonly contacted by scammers via online methods
Aged 55-64 lost an average of $200 when scammed, while those 65 and over lost double at $400 per instance of fraud

“Unfortunately, seniors are frequently targeted by unscrupulous business practices,” said BBB Pacific Southwest VP & General Counsel Michael Sedio. “By partnering with AAG on the Savvy Seniors Program, we can help ensure that local seniors are empowered with the tools to avoid being victimized and have the confidence to recognize threats to personal and financial well-being.”

This marks the third year that AAG has sponsored the Savvy Seniors Program. Over the years, the program has continually expanded from its San Diego origin, and now hosts seminars throughout Southern California and Arizona. This year, the program will be expanding its online digital education footprint to help inform seniors who are unable to attend sessions in person.

For more information and a complete list of upcoming seminars, seniors can go to:

https://www.bbb.org/pacific-southwest/savvy-seniors/

For Immediate Help

If a family member suspects that their loved one has been involved in a scam, they are encouraged to contact the U.S. Senate Special Committee on Aging’s Fraud Hotline.

About AAG

AAG, now a division of Finance of America Reverse (FAR), continues its dedication to helping older Americans find new ways to fund a better retirement through the responsible use of home equity. AAG offers a suite of home equity solutions — including Home Equity Conversion Mortgages and proprietary reverse mortgages, that are designed to give seniors a better financial outcome in retirement. Following the asset acquisition of AAG by FAR in April 2023, FAR and AAG together make up one of the largest reverse mortgage companies in the US. The company is licensed nationally (NMLS #2285) and is a proud member of the National Reverse Mortgage Lenders Association (NRMLA). For more information about AAG, please visit www.aag.com.

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AAG/American Advisors Group are divisions of Finance of America Reverse LLC which is licensed nationwide | Equal Housing Opportunity | NMLS ID # 2285 (www.nmlsconsumeraccess.org) | 8023 East 63rd Place, Suite 700 | Tulsa, OK 74133

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©2023 American Advisors Group/AAG are divisions of Finance of America Reverse LLC which is licensed nationwide* | Equal Housing Opportunity | NMLS ID # 2285 (www.nmlsconsumeraccess.org) | 8023 East 63rd Place, Suite 700 | Tulsa, OK 74133 | AZ Mortgage Banker License #0921300 | Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act | Georgia Residential Mortgage Licensee #23647 | Kansas Licensed Mortgage Company | Massachusetts Lender/Broker License MC2285: Finance of America Reverse LLC | Licensed by the N.J. Department of Banking and Insurance | Licensed Mortgage Banker — NYS Banking Department where Finance of America Reverse is known as FAReverse LLC in lieu of true name Finance of America Reverse LLC | Rhode Island Licensed Lender | Not all products and options are available in all states | Terms subject to change without notice | For licensing information go to: www.nmlsconsumeraccess.org

*Finance of America Reverse LLC does not do business as American Advisors Group/AAG in the following jurisdictions: Alaska, Hawaii, Maryland, Nevada, and New York.

FAReverse LLC i/l/t/n Finance of America Reverse LLC is Licensed Mortgage Banker in the State of New York, but this site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.

For Reverse Loans: When the loan is due and payable, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to borrowers, who may need to sell the home or otherwise repay the loan with interest from other proceeds. The lender may charge an origination fee, mortgage insurance premium, closing costs and servicing fees (added to the balance of the loan). The balance of the loan grows over time and the lender charges interest on the balance. Borrowers are responsible for paying property taxes, homeowner’s insurance, maintenance, and related taxes (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must occupy home as their primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan also becomes due and payable (and the property may be subject to a tax lien, other encumbrance, or foreclosure) when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes, insurance payments, or maintenance, or does not otherwise comply with the loan terms. Interest is not tax-deductible until the loan is partially or fully repaid.

STATE OF ILLINOIS COMMUNITY REINVESTMENT NOTICE The Department of Financial and Professional Regulation (Department) evaluates our performance in meeting the financial services needs of this community, including the needs of low-income to moderate-income households. The Department takes this evaluation into account when deciding on certain applications submitted by us for approval by the Department. Your involvement is encouraged. You may obtain a copy of our evaluation. You may also submit signed, written comments about our performance in meeting community financial services needs to the Department. V2023.05.18

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