You can certainly use the proceeds of a reverse mortgage to help with the costs of remodeling your home, however we do not recommend a reverse mortgage as a short term loan. There are some costs involved with starting up a reverse mortgage, and if you only want to borrow money for short period of time, you will probably find a more cost effective solution. However, if you do decide a reverse mortgage is the best route for you, there are no early-payment penalties for paying off a reverse mortgage with AAG. To pay back a reverse mortgage, you would simply owe the original loan amount plus interest and fees. Please do give us a call for more information, so you have all the facts and can make an educated decision.

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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.