The ideal situation is for the home to already be paid off; that allows you access to a larger loan amount. However, if it is not paid off then that is not a problem. In general, as long as you have sufficient equity in your home to pay off your existing mortgage, then you can get a reverse mortgage. Specifically, the loan amount is based on the age of the youngest borrower, the appraisal value of the home, and market interest rates at the time your loan is closed.

In order to get real, accurate numbers, I would suggest for you to get in touch with one of our Professionals. They will be able to determine whether or not you qualify and how much you would be eligible for.

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.