Sam in Reverse

The spring issue of the Federal Deposit Insurance Corporation’s Consumer News includes a section on understanding the risks and costs of a reverse mortgage. Produced quarterly by the FDIC Office of Public Affairs in cooperation with other Divisions and Offices, the publication is intended to present information in a nontechnical way for consumers. FDIC Consumer News Publishes Reverse Mortgage Feature

The article linked below will give you lots of food for thought.  Contrary to what most believe,  paying off your mortgage too quickly may not be in your best interest (no pun intended)... http://www.ricedelman.com/cs/education/article?articleId=232

The link below takes you to a new York Times article.  What many forget to mention is that in New York State you don't pay mortgage tax on a reverse mortgage.  Thats a savings of at least 1% and in some counties more than 2%.  With origination fees lowered, and monthly service feeswaived,  reverse mortgages become cheaper that forward mortgages in some cases.  Every loan is different but definitely worth looking into. http://www.nytimes.com/2010/04/17/your-money/mortgages/17money.html#