Reverse mortgages have unique risks, and it's important to weigh these carefully before taking one out, especially in today's market. MARINA BOGACHYOVA/Getty Images

With high mortgage rates and home prices not much better, downsizing isn't very attractive to many older homeowners these days. Instead, reverse mortgages — which allow you to turn your existing home equity into cash — can start to seem pretty tempting.

"Reverse mortgage demand is rising, driven by an aging population, strong home values, and seniors' preference to age in place rather than rely on care facilities or family," says June Lu, branch manager at Churchill Mortgage.

But reverse mortgages have unique risks of their own, and it's important to weigh these carefully before taking one out, especially with

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