I have become a skeptic about a lot of things over the years-perhaps that what old age will do to you. I admit too I am a little on the naïve side as well. When I first heard about reverse mortgages, maybe three years ago, they were still in their infancy and it seemed as though there wasn't much information available-which fueled the skepticism. Gradually I started hearing and seeing more about reverse mortgages-but it was all on the upside-there seemingly was no downside-which again fueled my skepticism.

So I went looking for trouble and guess what- I can't find any. Could this be better than sliced bread? Well for sure reverse mortgages are not for everyone. For those who are eligible they can be a Godsend.

In a regular "forward" mortgage you make payments to reduce the debt and build up equity. In a "reverse" mortgage you reduce equity and build up the debt

As of this moment reverse mortgages are the fastest growing product in the marketplace. There are five more reverse mortgage products to hit the marketplace in the next year and the market segment eligible for these products is the fastest growing demographic in the country-BABY BOOMERS.

There are several reasons for this popularity. Here are just a few.

---INCOME VERIFICATION: There is none. Even if you have no money coming in as long as you meet the eligibility requirements you are good to go.

---DEFAULT FOR NON-PAYMENT: Non-payment of the loan is the biggest reason for foreclosures. There are no payments eliminating that headache.

---PROCEEDS USES: The borrower can use the proceeds any way they want.

It does appear as though reverse mortgages have no downside if you've done your homework and if you qualify. There are lots of options on these loans so be careful and get the mandatory counseling before you proceed.

When the 78 million BABY BOOMERS hit 62 in the next decade this may end up being the salvation for all those who didn't save for retirement.