Pros and cons of reverse mortgages

You may have seen ads touting reverse mortgages as the solution for cash-strapped retirees. The mortgage is structured such that homeowners have their home pay them monthly payments until they die or sell the house. These slick ads promise an easy transaction with no danger of ever being kicked out of your own home. While reverse mortgages can make perfect sense in the right circumstance, the truth is there are pros and cons of which you should be aware.