Senior-Centered COVID-19 Scam Warning Issued by AAG and BBB

May 1, 2020

Savvy Seniors Program Adjusts to Pandemic with Digital COVID-19 Scam Prevention Material

ORANGE, Calif. (May, 1, 2020) – Financial criminals have seized an opportunity created by the COVID-19 pandemic to target and exploit older Americans. To combat this this ever- growing threat, American Advisors Group (AAG) and Better Business Bureau Serving the Pacific Southwest (BBB) have launched the COVID-19 Senior Scams campaign as part of their Savvy Seniors Program partnership. The campaign features a series of educational lessons that teach seniors how to spot and stay vigilant against COVID-19 related fraud.

“Seniors remain one of the most sought-after targets by scammers and this pandemic has created a batch of new schemes,” said AAG Chief Marketing Officer Martin Lenoir. “With our entire customer base comprised of older Americans, we felt it was important to provide these specific courses during these confusing and uncertain times.”

To adjust to the current state of affairs, the Savvy Seniors team quickly shifted from its traditional function of hosting in-person seminars to creating free, digital material with easy-to-read messaging for the senior demographic. Savvy Seniors’ digital lessons will be displayed on both the AAG and BBB website’s, and will be distributed via social media and email newsletters to seniors across the nation.

COVID-19 scam lessons were based on types of scams that were identified by the BBB as being threats to seniors and include resources for seniors who feel they have been victimized. The five COVID-19 lessons cover the following types of scams:

1. Coronavirus Related Email Scams

2. Government Relief Check Scams

3. Fake Coronavirus Product and Cure Scams

4. Charitable Giving and Crowdfunding Scams

5. Price Gouging and Advertising Scams

“Scammers prey on headlines to take advantage of vulnerable individuals,” said Michael Sedio, VP and General Counsel at the Better Business Bureau. “At this time, seniors are even more susceptible to scam tactics relating to COVID-19, including phishing attempts, misinformation, and potentially harmful false product claims.”

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 Savvy Seniors:

Savvy Seniors is an annual senior-focused fraud prevention program that hosts 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 will email scams. With stay-at- home orders in place, the Savvy Seniors team will be releasing digital scam warnings to keep seniors in the know from the safety of their homes. For more information, seniors can go to:

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

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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