A: While tapping into their equity, your parents' home may be appreciating in value, which could allow for some equity left at the end of the loan. They are also able to live comfortably without having to depend upon family members to support them.

A: No, the bank will not take their home. Throughout the life of the reverse mortgage, your parents will continue to own their home and retain title.

A: Your parents will owe the total amount borrowed, accrued mortgage insurance premiums, accumulated interest, servicing fees, and any other costs and fees financed through the loan amount.

A: There are three viable options for your parents. They can sell their home to repay the lender and collect the proceeds, choose to reimburse the lender directly from a personal account, or refinance the loan.

A: There are two options. Either your parents or pay the balance due on the reverse mortgage, and use the proceeds to pay off the reverse mortgage.

A: A reverse mortgage becomes due and payable when the last borrower moves out of his or her home permanently. For instance, moving into a senior care facility, selling the home, passing away or moving in with the children.

A: The Home Equity Conversion Mortgage (HECM) is a non-recourse loan, which means that the borrower can never owe more than what the house is worth. As HECM borrowers, your parents pay a mortgage insurance premium to the U.S. Department of Houseing and Urban Development (HUD). They, in turn, guarantee that the borrower will never owe more than the value of their home when the loan becomes due and payable.

A: A reverse mortgage doesn't affect regular Social Security or Medicare benefits. To find out if it impacts other federal or state assistance or medical programs, contact your reverse mortgage lender, tax attorney, or counseling agency.

A: Your parents can spend their money any way they want. Borrowers for grandchildren's educations, vacations, new cars, home improvements or to eliminate debts. The money can be used for anything they desire.

A: The lender is required to provide your parents with Total Annual Loan Cost, or "TALC" disclosure, which is required by the Federal Reserve Board. The TALC displays the total transaction caosts over the projected life of the loan, which will allow your parents to see all costs related to the reverse mortgage.