Need cash? Try these sources first.

By using a reverse mortgage in your 60s, you might be unable to pay for home health care or an assisted living facility if you need them later. Consider the following alternatives before opting for a reverse mortgage:

• To supplement income for basic expenses or to meet a specific need, such as home repairs, first investigate other sources of government or nonprofit-agency assistance. Depending on your location, help might include property-tax-relief programs, utility-discount and fuel-assistance programs that pay a portion of winter energy costs, or energy-efficiency improvement programs that offer low- or no-cost energy-efficient appliances.
• Most states have a government agency to match seniors with local resources and programs to meet their needs. Also check out www.benefitscheckup.org, a screening service that checks older adults' eligibility for various public and private benefit programs in all 50 states and the District of Columbia.
• Draw money from other assets first or consider a home-equity loan or credit line, for which closing costs are a fraction of those for a reverse mortgage.
• If you can't afford to make monthly payments, the best option might be selling your home outright, downsizing, and banking any remaining equity you've accumulated so that you can see it grow rather than diminish over time as it would with a reverse mortgage.