No, the house does not have to be fully paid off in order to get a reverse mortgage. As long as you have sufficient equity in the house, you are eligible, but it does need to be paid off once you receive your reverse mortgage loan. What will happen then is that part of the funds you receive from your loan will go towards paying off your first mortgage, so you will no longer have any monthly mortgage payments to meet. What a nice thought! To see if you have a sufficient amount of equity in your home to qualify for a reverse mortgage, call AAG, and a reverse mortgage professional will be able to help you with this and any other questions you may have.

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.