Q: My wife and I have three kids, ages 14, 12 and 8. We have about $130,000 saved up for them. We also have a mortgage of about $675,000, and our monthly payment is about $3,600.

Another benefit of the reverse mortgage is that it can be used to pay for care that you might need as you age. A reverse mortgage can provide freedom for your kids, who won't have to drop what ...

Mortgage rates are at their lowest levels of the year, with the average cost of a 30-year mortgage retreating to 6.63 percent ...

If they want to stay in their homes, they can opt for a government-insured reverse mortgage, which may provide them cash in exchange for repayment plus interest after they die, move out or sell.

Take, for example, a mortgage applicant who borrows $500,000 with a 30-year, fixed-rate term. Bank #1 offers a traditional mortgage at a 4.5% fixed interest rate and $3,000 in closing costs.