So who's still advertising on Beck? July 27 edition

A New York City business search website has a consumer review of Guardian First Funding Group. It was posted there on February 14, 2008. This is it in its entirety:

Let's see
by Djs1967 at Citysearch

Hi. I refinanced with Guardian First and my mortgage is $3500 a month while I bring home $4000 a month, My rate is going to go up in June by $700 so you do the math...I should be kicked out of my house by October. I called the rep and he is currently working on a NEW loan to keep me in the house.Let's see how he does. I will write again. It's been a week and a half since I last spoke with him.

Pros: Jay is a great guy to work with
Cons: My mortgage is terrible

http://newyork.citysearch.com/profile/42278233/new_york_ny/guardian_first_funding_group.html

I hope it worked out for djs, but I have a bad feeling about it. And I hope Jay went to jail, but am pretty sure he did not.

Then there's the "American Advisors Group":

Illinois AG files suit against two reverse mortgage brokers

Thursday, February 11, 2010 at 9:18PM

In the following press release Illinois Attorney General Lisa Madigan today filed lawsuits against two mortgage brokers for using unfair and deceptive marketing practices to solicit seniors for reverse mortgages.

"'These companies used extremely misleading language in their advertising, sometimes even disguising their loans as government benefits that borrowers don’t have to repay,' Madigan said. 'Many consumers have reported that they didn’t even know these offers were for reverse mortgages or a loan of any kind. That is unacceptable. Reverse mortgages are complex loans that should be taken out only after a consumer has had an opportunity to carefully consider his or her financial future and consult with a qualified housing counselor.'

"Madigan today filed a lawsuit in the Circuit Court of Cook County against Woodridge, Ill.-based Hartland Mortgage Centers, Inc. She also filed a suit in the Circuit Court of Sangamon County against Irvine, Calif.-based American Advisors Group, Inc., and its company president, Reza Jahangiri.

"In each of the lawsuits filed today, Madigan alleges that the defendants targeted seniors to take out Home Equity Conversion Mortgages (HECMs). These loans are commonly known as reverse mortgages because they allow homeowners who are 62 and older to borrow money against the equity in their homes....

"In both lawsuits, Madigan alleges that the defendants employ a wide range of deceptive marketing tactics to attract senior borrowers. For example, in direct-mail solicitations, the defendants make a series of claims that falsely imply that seniors could be eligible for lifetime monthly income or lump-sum payments that are part of government benefit programs offered to all seniors. In fact, however, the defendants are offering loans that must eventually be repaid."