If you are concerned about the legitimacy of reverse mortgages or any lending company, I suggest you do a little research. The AAG website under the Senior Resources page has many excellent resources to find key information. I also recommend you check the Better Business Bureau to make sure any lender you use is trustworthy.

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.

It's very true that there are not any income or credit requirements in order to qualify for a reverse mortgage. The reason is simply because this kind of loan does not require a monthly payment from the borrower to the lender. The only payments required after getting a reverse mortgage are your insurance premium and property taxes, which are payments that are not made to the lender. Because the lender does not have to rely on monthly mortgage payments from borrowers in order for the loan to be repaid, we don't have to make sure you are able to make those payments with credit or income requirements.

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.