Fred Thompson (the Senator) and Henry Winkler (the “Fonz”) aren’t wrong about the benefits of using the equity in your home to make it possible to stay in that home, but pay attention to some potential traps in your reverse mortgage. It should be obvious, but when you spend your assets, those assets are no longer available for your heirs to inherit.  The family home may have particular emotional significance for your children, perhaps they grew up or spent summer vacations there.   If you decide … [Read more...]