Unfortunately, as you say you are upside down on the property, it is unlikely you will be approved for a reverse mortgage. One of the eligibility requirements for a reverse mortgage is that homeowners with an existing lien against their home must be approved to release an amount that can entirely pay the loan off. In general, borrowers can access 40%-60% of their home value through a reverse mortgage. 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 there is any way you can avoid bankruptcy, you should take it though, so if you think you may be eligible, please do call us. To find out more about American Advisors Group, order a free educational DVD from our website, or call the phone number provided. The DVD features Former Senator Fred Thompson, and it will answer any additional questions you may have.

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.