Valerie VanBooven RN, BSN, PGCM, and long-term and reverse mortgage expert, warns that some recent articles, such as those in the Wall Street Journal and posted on Bankrate.com, leave out important facts and can be misleading about this federally regulated program.

"Some of the most important aspects of reverse mortgages are their ability to help seniors in crisis," says VanBooven. "A reverse mortgage can off-set the astronomical expenses of long-term care, and can keep people off of Medicaid for longer periods of time."

Some people use the equity to pay bills, for long term health needs, to pay for prescription drug costs, for home improvement, or simply to use as extra money for travel or to supplement retirement cash flow. Reverse mortgages are used by many seniors to pay growing property taxes or have used the funds to be saved from bankruptcy or foreclosure.

The proceeds have been used for advanced estate planning techniques that include increasing their estate value by purchasing life insurance, future long-term care needs, making donations to charity, financially aiding children or grandchildren, or to convert IRA funds to Roth IRA funds.

VanBooven also says that many TV, radio, newspaper and internet articles which are frequently circulating in the media contain inaccurate information about reverse mortgages. She says the so-called "experts" often interviewed for quotes, are not involved in the mortgage industry and do not always understand federal law that regulates these loans.

"The media attracts more readers, viewers and listeners when they can spin an article or report to make it more exciting, scary, or dramatic," she adds. "I would encourage each person considering a reverse mortgage to educate themselves through reputable websites and information, talk with a professional, and then make an appropriate decision. Consumers are able to make informed decisions when armed with the facts."