Boyce Watkins, a writer and finance professor at Syracuse University, says one often neglected aspect, and downside, of reverse mortgages can be the emotional impact. "You're facing your own mortality," Watkins says. In addition, reverse mortgages affect where the homeowners live, how medical bills will be paid and what the future holds inasmuch as financial security ...

Basich believes seniors should consider borrowing against the value of their homes only as a last resort. If there's no way around it, he says it's smarter to refinance as a 30-year fixed loan. Here's how that would work: You own a home valued at $300,000. You find yourself in need of a large amount of ...