Incredibly, a reverse mortgage carries NO monthly payments. A reverse mortgage will use part of your loan to pay off your current mortgage, so you do not have to make payments anymore. Then your loan balance, along with any fees and accrued interest will not have to be paid back until the last borrower leaves the household. This will be done when the house is sold, by refinancing, or through a conventional mortgage.

The only home expenses the borrower is responsible for are insurance, taxes and any basic home maintenance expenses during the load period, so a reverse mortgage can only decrease your monthly expenses. I recommend calling AAG and speaking to one of our representatives. They will be happy to give you a free, no obligation financial snapshot of your situation and show you by how much your living expenses can decrease with a reverse mortgage.

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.