Actually the most recent version of the Actiontec (Rev I - that's the letter i) is an N wireless router. However if you read the fine print (and look at Verizon's speed test) it is only specified for wired, not wireless (and of course is not guaranteed just like any other home Internet service).
I have a REV I and it was sent at no charge and no monthly fee (I have 50/25). And just to be clear, Verizon does not have modems, they are routers and AFAIK they don't rent them on a monthly basis.