Do reverse mortgage lenders take into account how much money I have in the bank?

I have been saving money for my children in a bank account for quite a long while and do not ever want to tap into it, even though I'm having money problems. It is for them. When I go to get a reverse mortgage, will it be held against me that I have a substantial amount of money in the bank? Thank you.
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American Advisors Group | Phil Scott
Absolutely not, we do not take into consideration how much money you have in the bank. To qualify for a reverse mortgage, we require all title holders to 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. If you qualify, we calculate an amount of equity you can release from your home by using the value of your property, the age of the youngest borrower, and current interest rates. Call us today to see how much money you could receive.

If you would like to receive our helpful DVD, which we will 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 will 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: 4/5/2011

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