Reverse mortgages, maligned for years as loans of last resort for struggling seniors, have gotten a makeover.

For decades the industry’s image was tainted by horror stories about borrowers who faced foreclosure, and surviving spouses who were evicted. But today, these products—first introduced in 1961—have evolved into tools that, with federal insurance and oversight, often do what was originally intended: ease financial burdens for retired homeowners with limited incomes who want to stay in their homes until death.

Read the full article on The Wall Street Journal