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A reverse mortgage can sound like a tempting concept: Instead of you sending a mortgage payment each month, you receive one from the bank. Gee, just tell us where to sign up!

Not so fast. Reverse mortgages can be complicated and expensive, so you need to know how they work – especially in the midst of a financial crisis. Our video response explains what to watch out for, when they can work best for you, and what factors to consider before signing up.

Learn more about reverse mortgages at, where you'll find complete information on refinancing and saving big bucks on your payments.

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The senior taking reverse mortgage can continue living in the same home that has been reverse-mortgaged and get monthly payments from the reverse mortgage.

September 01 2013 at 5:48 AM Report abuse rate up rate down Reply

A reverse mortgage allows seniors to convert their home equity into cash without having to sell their home or pay additional housing bills.

September 01 2013 at 5:45 AM Report abuse rate up rate down Reply