DEAR BENNY: I thought I would add to your answer regarding the reasons to use a reverse mortgage as a last resort. As you know, the amount of money you can access with a reverse mortgage is determined by the appraised value of your home as well as the age of the youngest person in the household. Obviously, the longer you wait, the older you will be. Since we have gone through a protracted decline in values, I feel that the longer someone waits, the higher the appraised value of the home will be.

Thanks for taking the time to write this column. I may not always agree with you, but I'm always informed. --Bob

DEAR BOB: I'm always glad to hear from readers whether they agree with me or not. Your comments about reverse mortgages are right on point. The appraisal industry is going through difficult times now, and from my experience, appraisals are more conservative than ever. So not only does the depressed market in many parts of the country impact on the amount of money you can tap through a reverse mortgage, but low (conservative) appraisals compound this problem.

I don't oppose the concept of a reverse mortgage, but maintain that it should be considered only as a last resort -- and after you carefully review and study all other alternatives.

Benny L. Kass is a practicing attorney in Washington, D.C., and Maryland. No legal relationship is created by this column. Questions for this column can be submitted to benny@inman.com.