When you take out a reverse mortgage, you are required to pay off any other liens against your home with the initial proceeds. If you find you need to borrow more money at a later date, you may be able to do so, but you cannot use your property as collateral. Your reverse mortgage must be the only debt secured against your home. You may still be approved for other means of finance, such as credit cards, as these are not tied to the ownership of your place to live.

If you have any more questions about how reverse mortgages work, why not order a copy of our free educational DVD. It features Former Senator Fred Thompson and it's available via the link or phone number provided.

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.