What happens if I no longer want the property that I have a reverse mortgage on?

I am considering a reverse mortgage, but I am not sure that I will want this property in a few years. Will that impact the chances of me qualifying for this?
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American Advisors Group | Phil Scott
Do not worry, you can sell your home at any time after taking out a reverse mortgage, and this won't affect your chances of qualifying for the loan program. You have the full right to sell up or move whenever you choose to. When the time comes for you to sell your property, the reverse mortgage loan will become due and payable. You will simply be required to pay the reverse mortgage lender back the original loan amount, plus any interest and fees that have accrued. All remaining equity will be passed back to you, on a tax-free basis.

If you would like to receive our helpful DVD, which we'll 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: 4/27/2011

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