Our culture involves people trying to do business at every turn. There is nothing inherently wrong with this, but you do have to be aware of the fact that not everything that is dangled in front of you is necessarily going to be advantageous to you as a consumer.

This is why expert advice is so important when you are making big financial decisions. If you speak with a financial planning attorney before you take any action that is going to have significant consequences you can either go forward confidently or take a step back with more information in hand.

With the above in mind if you are at least 62 years of age and you are a homeowner (or if you are possession of significant equity in your home) you may qualify for a home equity conversion mortgage. This is a reverse mortgage. The lender pays you either in the form of a line of credit, monthly payouts, or a combination of both.

In return for these payments the lender acquires equity in your home.

This is not an act of generosity on the part of the lender. This entity will charge interest, and there will be loan servicing fees. Reverse mortgage insurance premiums must be paid, and there will be closing costs and appraisal fees.

If you find yourself looking for some liquidity later in your life this may seem like a good option on the surface. But when you consider all the costs involved you may want to think twice.

When you discuss your situation with a good financial planning lawyer he or she may be able to apprise you of some options that may exist other than the rather costly reverse mortgage solution.