"Reverse mortgages are expensive." I've heard that more times than I can count over my 23-year career. Today, I take that claim apart piece by piece — and let you decide for yourself.

To call anything expensive, you need something to compare it to. But a reverse mortgage is its own breed: it's the only mortgage that lets you live in your home for the rest of your life with never, ever a required monthly mortgage payment. So I walk through the three buckets of closing costs on the FHA-insured HECM — the upfront mortgage insurance premium, the origination fee, and the third-party costs — and explain exactly what each one buys you, from the lifetime guarantee and non-recourse protection to interest rates about three-quarters of a point below a conventional 30-year mortgage.

I also share a special announcement for veterans. There's no VA reverse mortgage, and I've always thought that's a gap. So I've decided to do something about it — stick around to the end to hear my offer.

If you've ever wondered whether the costs are worth it, this episode will give you the facts to decide for yourself.