Are reverse mortgages affordable for a single senior?

Are reverse mortgages too expensive for a single senior citizen? I had considered one a few years ago but decided against it because it was too expensive. But now I hear they are much more affordable. What can you tell me?
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American Advisors Group | Phil Scott
A reverse mortgage is a great idea for seniors who would benefit from accessing some of the equity tied up in their homes. A new reverse mortgage product was launched to the market in late 2010, it's called a HECM Saver. A good candidate for a HECM Saver is a senior who wants to lower the cost of a reverse mortgage, but who also doesn't need the maximum amount of money that can be offered on a traditional reverse mortgage. The biggest benefit of a HECM Saver over a traditional HECM is the Saver loan program nearly eliminates one of the biggest upfront fees that you were previously required to pay. The best way to see if you are a good candidate is to call us, we'll be delighted to hear from you. If you'd like to receive our helpful DVD, which we'll send to you for free, click on the link or call us on the number provided. The DVD features Former Senator Fred Thompson, and we'll send it to you along with a brochure about how a reverse mortgage could help your circumstances.

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.
Replied: 4/13/2011

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