Considering the amount of debt that you have in relation to equity in your home, I wouldn't say that a reverse mortgage will be final answer for you, but it may help you pay off a big chunk of what you owe. When you get a reverse mortgage, you are not given access to the full amount of equity in your home because there needs to be a cushion for accruing interest over time and the risk of home values dropping. In general, borrowers are given a loan amount of anywhere from 40%-60% of their home value.


To get a more specific answer, I suggest contacting one of our AAG Professionals. They can walk you through all of your financials, and tell you how much you qualify for and whether or not a reverse mortgage can solve your problem.

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.