AAG actually offers both types of interest rate, namely fixed and variable. When you apply for a reverse mortgage, the total loan you're eligible to receive depends on the age of the youngest borrower, the home's appraised value and the interest rate. The lower the interest rate, the more money you can withdraw. Your interest rate is based on market rates at the time your loan closes. The Monthly LIBOR (London Interbank Offered Rate) index is used to determine reverse mortgage rates, and is a standard index used in the U.S. for many financial transactions. You can find these rates in finance related websites and newspapers. If you choose to take a lump sum payment, we can certainly look into offering you a fixed interest rate, but if you take a monthly income plan, this is only available on a variable rate. We'd like to speak with you more about the types of reverse mortgage we offer, so please do call in to speak with one our professionals. We can guide you through your options, or simply send you a DVD that is packed with information on the ways American Advisors Group can help your situation.

Disclaimer: The response above is not intended to be anything other than the educated opinion of the author. It should not be relied upon as financial advice. America Advisors Group recommends speaking directly with an AAG Reverse Mortgage Professional regarding your specific situation and needs. Please call 1 (800) 466-0572 to receive AAG's information pack with a FREE DVD and Brochure featuring Former Senator Fred Thompson.