"Are you 62 or older? Do you own your home? Do you want to receive a large lump sum and not have to pay it back so long as you live in your home? Apply today for a reverse mortgage. Call us for your free consultation and receive a free calculator as well."

Far too often this is the tune of many a commercial for reverse mortgages advertised on print and non-print media.  The Federal Housing Authority (FHA) insures the most common type of reverse mortgages which it calls Home Equity Conversion Mortgage (HECM). The reverse mortgage, as a financial tool is nothing new. It has been around a long time, and it can be very beneficial if used properly. Generally speaking, to obtain the mortgage you must be 62 years old or older, own the home which will be subject to the mortgage, and occupy it as a principal residence as well.  The loan won't have to be paid back until you die, move or sell the home. Simple right? Yes, except for this - what happens when you die, and your spouse, who was not on the loan documents as a borrower, is now surprised to find out that foreclosure has been initiated by the lender, and that he or she might be evicted?