Rising interest rates will reduce the size of this kind of loan. It is an attractive option to elderly homeowners needing cash.

How much money could you get with a reverse mortgage on your home?

That depends on lots of factors, such as your age and the home's value. But one thing is fairly certain: The lower the interest rate, the more you can get.

So if you are considering a reverse mortgage, best get moving. Interest rates are rising already and may well go up more in coming months. That would reduce the cash you could get from a reverse mortgage.

Growing numbers of aggressive, dishonest lenders advertise their services to people in financial need - people who may have fallen behind on property taxes, or need money for medical bills, or face costly home repairs. Instead of offering a fair loan, these lenders use smooth-talking salespersons, high interest rates, outrageous fees, and unaffordable repayment terms. Homeowners can be tricked into taking out loans that they cannot afford to repay. Some homeowners may lose their homes to foreclosure.