AAG does not offer the single purpose reverse mortgage, we offer what is known as a HECM, a Home Equity Conversion Mortgage. With a HECM, once any liens against your home have been paid off, the remaining balance is yours to spend how you wish. The seniors we work with use the money in many different ways - to pay off medical bills, travel the world, help family members, to name just a few. Single-purpose reverse mortgages are usually offered by state or local government agencies and nonprofits. They allow homeowners in certain locations to convert home equity to money. As you know, these loans usually have restrictions on how the money can be spent and this type of mortgage is only available for people with low to moderate incomes. If you're looking for more information about reverse mortgages and American Advisors Group, feel free to request a free educational DVD, which features Former Senator Fred Thompson. It will give you valuable information, and is an excellent tool to help you make an informed decision.

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.