The airwaves on both radio and television are being flooded with commercials urging seniors loaded with equity in their homes, but strapped for cash, to take out a reverse equity mortgage. To my mind it says a lot about the cost of home ownership nowadays, thanks to rising property taxes, insurance and general maintenance.

But as rosy a picture as these ads like to paint, reverse equity mortgages should be your last option, not your first, no matter what Robert Wagner says.

Reverse mortgages are very expensive. You accrue interest on the loan plus closing costs and service fees, as well as insurance costs that continue no matter what.

I'm not concerned about whether your heirs receive less from your estate, but I do worry that you will have less to rely on should you need more further down the road.

Before saying "yes" to a reverse equity loan, do the math by checking out a calculator available at www.reversemortgage.org.