Are reverse mortgages different in different states?

I was living in California and found out about reverse mortgages. This was 15 years ago. Instead of getting a reverse mortgage then, I moved to Virginia, which was less expensive. However, now I'm having financial problems again and I am thinking about a reverse mortgage again. Can I rely on the information that I received in the past, or will the information for VA be different than what I received in CA?
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American Advisors Group | Phil Scott
Reverse mortgages are a federal initiative licensed in every US state, but there are some slight differences state to state. The best thing to do is call AAG, as your reverse mortgage professional can let you know about the regulations that specifically apply to your state. You will probably find that reverse mortgages look different to your initial research 15 years ago, as many consumer protections have been implemented. AAG holds a license in many states across the country, but not all. If you contact us and we do not offer loans in your state, we do work with other reverse mortgage lenders who will hold a license in your state. We will forward the information you give us to our approved FHA reverse mortgage partners. Rest assured, all our approved affiliates take great pride in providing the expert information on the benefits of a reverse mortgage.

Please do call us on the number provided, or take the first step by requesting our free informative DVD through this website. Former Senator Fred Thompson presents the DVD and he does a great job of explaining the reverse mortgage process.

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: 4/5/2011

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