National Consumer Law Center's publication on reverse mortgage tips can be seen as a warning to many who are not suitable for the expensive and complex product.

• The costs of obtaining a reverse mortgage can be very high. You may have to pay some of these costs in cash. However, most lenders allow a portion of these costs to be financed as part of the loan balance. In addition, interest, insurance and service charges will be added monthly to the loan balance. Thus, the amount you owe the lender increases over time.

• The amount of the loan may not meet your current and future needs. For example, a 65-year old with $50,000 in home equity who wanted a reverse mortgage as a monthly income supplement may get as little as $100 per month on a term mortgage.

• Beware of reverse mortgage scams! For example, some senior homeowners have been contacted by firms offering to assist them in finding a lender that does reverse mortgages, in exchange for a "small percentage" of the loan. This information is available for free from the Department of Housing and Urban Development (HUD) by calling toll-free, 1-888-466-3487. You will be referred to a HUD-approved housing counseling agency.