NCRC and AAG Announce Reverse Mortgage Fair Lending Collaboration

WASHINGTON, April 30, 2014 /PRNewswire/ -- Today, the National Community Reinvestment Coalition (NCRC) and American Advisors Group (AAG), the largest reverse mortgage lender in the country, announced a collaboration to focus on fair lending to older adults. NCRC will serve as an advisor, assisting AAG with providing Home Equity Conversion Mortgages (HECMs) to qualified borrowers age 62 and older.

"NCRC looks forward to working with AAG to ensure older adults have fair access to reverse mortgage products," said NCRC President and CEO John Taylor. "Our hope is that in the future, other reverse mortgage lenders will look to AAG as a guiding example of responsible and fair lending."

AAG CEO Reza Jahangiri said the partnership is a huge step toward the promotion of fair lending practices. "AAG prides itself on its commitment to seniors, consumer fairness and its role as an industry leader," he said. "We look forward to NCRC's assistance in strengthening AAG's leadership position with respect to responsible lending."

As part of the collaboration, AAG employees will complete a fair housing training course provided by NCRC. In addition, AAG will consult with NCRC to develop best practices for complying with the Fair Housing Act.

About the National Community Reinvestment Coalition (NCRC):

The National Community Reinvestment Coalition is an association of more than 600 community-based organizations that promote access to basic banking services, including credit and savings, to create and sustain affordable housing, job development and vibrant communities for America's working families.

About American Advisors Group (AAG):

American Advisors Group is a leader in the reverse mortgage industry. Its primary mission is to attain the highest level of customer satisfaction by helping seniors improve their lives and age in place. AAG is known for its drive for innovation and excellence and its commitment to serving the senior community.

AAG is A+ rated by the Better Business Bureau, a member of the National Reverse Mortgage Lenders Association and an Approved Lender by the U.S. Department of Housing and Urban Development.

For more information about AAG and reverse mortgages, visit AAG.com.

Contact: Teague McGrath, [email protected]

SOURCE American Advisors Group