AAG offers a few different types of reverse mortgage, also known as a HECM, which stands for Home Equity Conversion Mortgage. Once approved for a HECM, you can choose to take a lump sum, to receive monthly payments, to open a line of credit to access when you wish, or you can take a combination of these options. AAG also offers a HECM for purchase, which is a reverse mortgage specifically designed to help you buy a new property. This type of reverse mortgage is reliant on you showing us a purchase contract and proof of down payment. A newly launched product is a HECM saver, which significantly reduces the upfront fees of a regular HECM. You can also choose which model of interest rate will best suit you, whether that be a fixed rate or a variable rate. Not all interest rates apply to all types of reverse mortgage though, so I suggest you call one of our friendly advisors to find out more. Take the initiative and apply today for one of our free brochures and educational DVDs, which we'll send to you if you fill in your information on the web link provided. It will give you a lot of valuable information about reverse mortgages that can help you with your decision.

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.