Retirees are living longer than they may have anticipated, and for those who own their homes but are cash-poor, a reverse mortgage might seem tempting. But don’t be taken advantage of. These are often expensive and unnecessary. Though reverse mortgages have their place, it’s a rare one. Be cautious.

Reverse mortgages involve homeowners looking to borrow money against their houses. The mortgage doesn’t need to be repaid until the mortgage holder passes away or moves out of the home (to a nursing home, for instance), at which time the loan can either be repaid or the house will be sold to repay the debt.

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