With credit continuing to tighten with the economy, reverse mortgages are becoming popular among senior citizen homeowners.

Seniors use it to supplement their social security, pay off unexpected medical expenses, make emergency or home improvements ... And more.

You can receive free information about reverse mortgages by calling AARP at: 1-800-209-8085, toll-free. Because your home is your largest single investment, it's smart to know as much as you can about reverse mortgages, and make an informed decision if one is right for you and your circumstances.

Many half-truths, bad information and out-dated facts continue to circulate about reverse mortgages, especially in the African American community.

When you finish reading this article you'll know ...

1. What a reverse mortgage is?

2. Who qualifies for a reverse mortgage?

3. What's the advantage of a reverse mortgage?

4. How to choose the best place to get a reverse mortgage?

5. How to avoid the pitfalls in choosing one.

Here are some expert tips from Victor Chappell, a Reverse Mortgage Consultant from Wells Fargo Bank - on the subject of choosing the right reverse mortgage.

1. What Is A Reverse Mortgage?

It's a special loan that enables individuals aged 62 or older to convert some of their home's equity into tax-free cash. Unlike traditional equity loans, you don't have to make any payments, as long as you live in the home.

2. Who Qualifies For A Reverse Mortgage?

A homeowner who are at least 62 years old and occupy the property as their principal residence. Eligible properties include single-family homes, condominiums and town homes, or a 2 to 4 unit dwelling.

The home must be owned free and clear or have a small remaining balance that can be paid off with the reverse mortgage. No income, employment, or credit requirements are required.

3.What's the Advantages Of A Reverse Mortgage?

The reverse mortgage customer always retains ownership and lives in their home.

Cash advances can be used for any purpose.

Loan proceeds are not considered income and will not affect Social Security or Medicare benefits. However, your monthly reverse mortgage advances may affect your eligibility for some other programs.

We recommend that borrowers consult either local program offices or your attorney to determine how, or if, monthly reverse mortgage payments might affect your specific situation. i.e. Medicaid, SSI, Food Stamp programs.

Heirs can keep the property once the reverse mortgage is repaid.

4. What's The Steps To Choosing The Best Bank For A Reverse Mortgage?

Buyer Beware! Use good judgment, consult your attorney, check with your local HUD counseling agency, AARP, or loved one. Check the better business bureau.

Make sure your lender has the experience and solvency. Check the banks ratings.

5. What's Some Of The Pitfalls I Should Watch Out For?

Lenders not associated with the National Reverse Mortgage Lenders Association (NRMLA). Unethical Lenders that are pushy and will not disclose loan information upfront. Lenders not approved by the Department of Housing and Urban Development (HUD). Lenders who employ part-time sales representatives.

By following these suggestions you'll avoid the pitfalls of many seniors fall into.

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