Some financial advisers say anyone who may move in less than seven years should not take out a reverse mortgage.

Because the fees associated with a reverse mortgage are high, such loans make sense only for borrowers who expect to live in their home for a number of years.

Massachusetts has prohibited most financial advisers from using titles like 'certified senior adviser,' and some of the largest insurers, including MetLife and Genworth Financial, have similar rules.

It is almost always a bad idea to use a reverse mortgage to pay for a vacation or to buy a risky investment, like stocks or deferred annuities.

In surveys, many borrowers say reverse mortgages have improved their lives and provided money they needed for retirement.

Analysts say that one reason Fannie Mae and Freddie Mac were privatized in the first place was to prevent political whims from dominating the mortgage marketplace.