Can you take out a reverse mortgage that's smaller than what your home is worth?

My home is worth $650,000. If I take out a reverse mortgage, will I be required to take out all $650,000?? Or can you take out less money than what your home is worth?
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American Advisors Group | Robyn Perry
If you take out a reverse mortgage, you are not given access to the full amount of equity in your home - there needs to be a cushion for accruing interest over time. In general, borrowers can access 40%-60% of their home value through a reverse mortgage. We will calculate an amount you can borrow using the value of your home, the age of the youngest borrower, and current interest rates. Please do call us today to see how much you may qualify for.

Take the first step today and apply for our free, no obligation, educational DVD, presented by Former Senator Fred Thompson. You can order your copy today through the handy link or phone number provided - it will help you make the right decision for your future.

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: 4/12/2011

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