Reverse mortgages and emergencies have something in common. You'll fare best with both if you prepare with foresight to avoid whining in hindsight.

In spite of their name, reverse mortgages are easier to get into than to reverse. The type of thinking required to prepare your home and family to thrive in the face of emergency, is very similar to the type of long-term forecasting that is essential when deciding if it is this home and no other that will suit you now and in the years and decades to come. If you'd be happy nowhere else, a reverse mortgage may be your best friend. If you'd be just as happy or happier elsewhere, a reverse mortgage may be a worst enemy.

To gain a feel for preparing with foresight, check out the article on emergency preparedness posted June 30/10 on "Decisions & Communities:  http://realtytimes.com/rtpages/pjwade.htm

Note that reverse mortgages are not emergency solutions. They should be explored and understood years before they may be a solution, so that you will not act in haste and repent in leisure.