How much equity do I have to have on my home to qualify for a reverse mortgage?

I have some equity on my home, and am considering getting a reverse mortgage to help me have more liquid assets. What is the minimum equity I need to be able to qualify?
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American Advisors Group | Phil Scott
In general, homeowners are eligible to release anywhere from 40%-60% of the value of their home. This is because 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 and the risk of home values dropping. If you have paid off enough of your mortgage to give you this amount of equity in your home, then you are one step nearer to qualifying. The best thing to do is call us today and see if you qualify, and how much you may qualify for. To receive your copy of our educational DVD, featuring Former Senator Fred Thompson, simply call the number provided or fill in the online form. You'll receive a pack which includes a step-by-step brochure and the DVD. 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: 4/13/2011

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