1. All Reverse mortgages are rising-debt loans, meaning that the interest is added to the loan balance every month because it is not paid on a current basis. The total amount of interest you owe will increase as time goes by.

2. All Reverse mortgage loans charge origination fees and closing costs. Insured plans can also charge premiums and some impose mortgage servicing charges. Sometimes you can finance these costs and pay them off later.

3. Reverse mortgages use some or all of the equity in your home and therefore leaving fewer assets for you and your heirs to use in the future.

4. Usually you can request a loan advance at the closing that is much larger than the rest of your payments.

5. Your legal obligation to repay the loan is limited by the value of your home at the time you repay. This can include appreciation of the home after the loan begins.

6. Reverse mortgage loan advances are nontaxable and do not affect your Social Security or Medicare benefits as long as you spend them in the month you receive them.

7. Some Reverse mortgages offer fixed rate interest, while others feature adjustable rates.

8. The interest is not tax deductible until you pay off some or part of the loan.