A reverse mortgage can really turn things around for seniors who are struggling to get by. But, when does (and doesn't) it make sense to cash in on your home equity?
As one of my friends puts it, "There's nothing worse than being old -- except being old and being broke."
It's a simple fact: As we live longer, we may find ourselves outliving our savings accounts. Pensions and social security often don't keep up with inflation, and then there are the kids who need help, the new roof, the prescriptions not covered by medical insurance, and all those other expenses that keep coming long after a regular paycheck has stopped fattening the savings account every month.