Reverse Mortgage Fees Dropped at Big Banks

Now that major banks including Bank of America, Wells Fargo, and MetLife Bank have eliminated fees for reverse mortgages, borrowers are taking another look at this option for financing retirement.

While a reverse mortgage sounds like a good deal -- you get to stay in your home and tap your equity, rather than selling your home to get at your nest egg -- there are some things you should consider when deciding whether this is the right move for you.

If you are 62 years old or older, and have either paid off your mortgage or have a large amount of equity in your home, you can consider a reverse mortgage. But first, understand that these loans are not one-size-fits-all.

Depending on your current financial situation and the value of your home, this could be a great way to help fund retirement, or a path to more debt.