I wasn't born a skeptic. Actually I'm probably more naïve than not. But over the years, thru life's travails, I have become one. Maybe being married to a pathological liar for twenty plus years had something to do with it-but I digress.

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 am not having any luck at all. 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.

HOW THEY WORK In a regular "forward" mortgage you make payments to reduce the debt and build up equity. In a "reverse" mortgage (RM) you reduce equity and build up the debt

As of this moment RM is the fastest growing product in the marketplace. There are five more RM 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.

Yes Virginia, it could be the best thing since sliced bread.

It does appear as though reverse mortgages have no downside if you've done your homework and if you qualify. For more and more BABY BOOMERS coming of age maybe there is a pot full of money at the end of the rainbow.