What happens if we get a reverse mortgage and our home value increases in a few years?

My husband and I own our home and it has gone down significantly in value over the past few years. We would like to get a reverse mortgage, but are worried that the market will improve in a few years and that we won't be getting all that we can out of our home. If we get a reverse mortgage now but our home value increases in a few years, can we get access to more equity?

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American Advisors Group | Phil Scott

It is possible to refinance a reverse mortgage to take more money out of a property, but only if there has been a change to at least one of the three factors we base your original loan amount on. The amount of equity you can release from your home is calculated from the age of the youngest borrower, the value of your property and current interest rates. As these factors will change, it may be possible to refinance for more cash. There are so many ways a reverse mortgage could benefit your circumstances.

To discuss how American Advisors Group can help you, order a free educational DVD with the link or phone number provided. It will answer a lot of your questions and give show you the positive impact a reverse mortgage can have on your life.

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: 3/28/2011