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?
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
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.
Ask a FREE Reverse Mortgage Question
Ask Your QuestionMore Questions
- Is there a set maturity date on the reverse mortgage?
- How will my reverse mortgage affect my eligibilty for other types of loans?
- Can I start paying off my reverse mortgage now?
- Do my property taxes differ with a reverse mortgage?
- Does the bank own my home after I sign up for a reverse mortgage?
- How do I apply for a reverse mortgage?
- How do I designate who will receive my reverse mortgage debt?
- Can I get a reverse mortgage if I have a part time job?
- Which reverse mortgage will cost me less?
- What are the pros and cons to a reverse mortgage?
- How do I know if I qualify for a jumbo reverse mortgage?
- What are the out of pocket expenses of a reverse mortgage?
- Would it be practical for me to get a reverse mortgage if I need financing for a short amount of time?
- Am I going to have to pay back my reverse mortgage if I choose to sell my home?
- What happens if my loan balance on my reverse mortgage is greater than my house value?
- How many lenders should I talk to before getting a reverse mortgage?
- What bills will I still be required to pay if I sign up for a reverse mortgage?
- What is the timeline and requirements I have to follow if I want to cancel a reverse mortgage?
- How long will I have to sign the paperwork once I get approved for a reverse mortgage?


Certified RM Professional



