Most Americans count their house as their single largest asset as it is used to back loans and build equity. However, a new trend in so-called "reverse mortgages" may be changing that fact. Now, mortgage companies are targeting seniors who are willing to part with their house in exchange for a monthly stipend (reverse mortgage). Under this arrangement, a senior is able to slowly sell their house over time until they die, at which time the house becomes property of the bank. The problem with this is that these mortgage companies are not only taking away a large asset (that is usually passed down to future generations) but also charge high fees for the loan that can result in homeowners receiving substantially less than they deserve.

From Kansas.com:
As living expenses--particularly health care costs -- rise while incomes remain stagnant, seniors are increasingly finding reverse mortgages a way to remain in their homes and make ends meet. There are downsides, including the costs--which can be as high as $8,000 to $9,000 for a $150,000 loan, for example--and the fact that consumers essentially give up what for most people is their biggest asset.