This post is part of a series where personal finance expert Dan Solin looks at money moves that may seem smart in tough economic times, but are actually quite dumb. See all 12.

In these tough economic times the allure of the reverse mortgage salesman to senior citizens (over 62) is hard to resist.

You get cash for the value of your house, which you don't have to repay until you sell your house or die. You can take the cash all at once, monthly or as a line of credit. You can use the money any way you want. No credit checks required.

While reverse mortgages can be a valuable source of cash for seniors, there are a number of problems with them.

The fees are very high. Typical fees for a reverse mortgage on a $250,000 home can exceed $25,000. In addition, interest charges are added every year the loan remains outstanding. While you may not care as long as you get your money, you should realize that the diminution in the remaining equity in your home will affect the money you will receive if you sell your house and the amount of money your heirs will receive upon your death.

Because of these high costs, reverse mortgages are particularly ill-suited for those who intend to remain in their homes for a relatively short period of time.