LOS ANGELES (AP) — Reverse mortgages represent an alluring proposition for seniors: Stay in your own home while the bank pays you either a lump sum or a stream of payments to help supplement your retirement income.

For some, that arrangement can help bring peace of mind. Others will scoff at the hefty fees and restrictions involved. And in many cases, alternative options, such as using one's home as collateral for a loan from a family member, might be a better fit.

Types of reverse mortgages vary, but generally, a reverse mortgage allows homeowners age 62 or older to borrow against their home's equity. They can opt for a lump sum, line of credit or regular payments, and don't have to pay a monthly mortgage. The homeowner retains title and must pay insurance and property taxes while living there.

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