Yes, in fact, many people use a reverse mortgage to eliminate their current mortgage and lower their monthly expenses. The reverse mortgage does have to be the only mortgage on the home, but you are still able to get the reverse mortgage if you have a mortgage already. What will happen is that part of the funds given to you through the reverse mortgage will go towards completely paying off your current loan, so you will no longer have to pay your monthly payments. The only requirement when doing this is that you have enough equity in your home to cover your current mortgage balance.

Calculating how much one qualifies for is a complex calculation, so I highly recommend getting in touch with one of our Professionals. They will be able to tell you whether or not you qualify, and if a reverse mortgage can help you eliminate your current mortgage on your home.

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.