Loan last resort, not ticket to resort

Seniors don't have to look farther than the TV or their mailboxes to find somebody selling a way to dig out of trouble, or foreclosure, with a reverse mortgage. And the marketing is going to get more intense.

Big players such as Livonia, Mich.-based Quicken Loans are moving into reverse mortgages as more baby boomers turn 62 and qualify for these complex home loans.

The reverse mortgage is a loan taken against the equity in the home. Unlike a home equity loan or other loans, the homeowner is not required to make a monthly payment. Instead, the interest builds, and the loan doesn't have to be repaid until the homeowner moves or dies.

Reverse mortgages are helping some seniors get out of financial binds, but these loans don't come without a catch. The biggest: Do you really need to pay all those fees to get the money or are you being rushed into some quick-fix investment scheme?

The strategy is to allow seniors to get cash and keep living in their homes as they age. But some homeowners are using that money to buy second homes or take trips. How big a loan you'd qualify for would depend on the age of the youngest homeowner, the home's value, the interest rate and the ZIP code.