Taking out a reverse mortgage does have some fees involved, but almost all of these aren't due until the end of the loan, so you won't have to pay for them out of pocket. The only expense that must be covered out of pocket is that of the appraisal, which typically ranges from $350-$450. All other costs are paid from the loan proceeds at the time of closing. What you will be required to keep paying for the lifetime of your loan are your property taxes and home insurance. My recommendation is to budget for these with the capital you release from your home, it may also help if you choose to receive monthly payments from us, rather than a lump sum or line of credit. Please do call in to speak with one of our team of reverse mortgage professionals, they'll talk you through the fees involved, and also the differences a reverse mortgage can make to your life and your bank balance. Take the initiative and also request a copy of our informative DVD, either by phone or by using the links on this website.

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.