Well, that is fine. If you qualify, a reverse mortgage will first pay off your existing mortgage and then give you the remaining proceeds. That means no more monthly mortgage payments and in fact, this is a common reason for using a reverse mortgage in the first place.

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.