Can my children live with me if I get a reverse mortgage?

Both my daughter and son have had financial hardships in the past and they have come to live with me, along with their kids. They currently reside at my home, and helping to pay for everyones' expenses is becoming a burden, but I wouldn't have it any other way. I think that a reverse mortgage might be a good option for us. My house is worth $430,000 and I have about $25,000 left on the mortgage. I am the only one on the deed. Would I still be approved for a reverse mortgage even though I have my kids and grandkids living with me?
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American Advisors Group | Phil Scott
Sure you can, your family living with you is no hindrance to getting a reverse mortgage. The requirements we ask for are that you must be 62 years or older, you must use the property as your main residence, and you must own your home outright or have a mortgage balance that can be paid off with the proceeds of your reverse mortgage. The loan will become due when you sell or leave your home, so if you were to leave the home or pass away, your family members will need to make arrangements to move out or cover the loan amount to keep the property. We can explain all this to you in further detail, so please do call us today to see if you qualify.

To find out more about American Advisors Group, order a free educational DVD from our website, or call the phone number provided. The DVD features Former Senator Fred Thompson, and watching it will give you the best advice for a better life. We hope to hear from you soon.

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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