When the FHA designed the reverse mortgage loan program, it was designated that homeowners must take the total amount they are approved for. However, I may have a solution for you. There are three main ways you can receive the proceeds of your reverse mortgage - all at once in a lump sum, by setting up monthly payments from the reverse mortgage lender to your bank account, or by opening a line of credit you can access as and when you need to. You can also combine these methods, so I suggest you decide an amount you want to initially take, and the remaining proceeds can be available as a line of credit. The unused funds in the line of credit will not accrue interest. This way, you can access the amount of cash you want, and you will have extra money available if you were ever to need it.

If you want to know more about reverse mortgages, feel free to place an order for our educational DVD or phone us on the number provided. It will guide you through the entire process and let you know about the changes we can help you make to your life.

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.