“Reverse mortgages are growing in popularity among retirees who need extra cash. What do families need to know about them?”

As teenagers, my brother Dirk and I had two permanent threats hanging over our heads from Mum. “Get a tattoo or a motorbike and you’re out of the will.”

Years ago, my brother got inked. Bizarrely, some time after that, Mum joined Dirk and Dad on motorbikes. I did neither. I’ve argued for years that Mum should sign over her estate now. Or at least start paying me rent.

There’s two ways for Gen Xers to look at reverse mortgages. Is your wine glass half-full or half-empty?

Either a reverse mortgage allows mum and/or dad to enjoy their lives by spending what they’ve managed to amass, or they’re spending your inheritance.

Do parents have an obligation to leave anything to their kids? While most people would appreciate it, I don’t think they do. (And even if mine do, Dirk has already declared: “I’ll fight you for it.” He probably means “to the death”. And he’ll probably win.)

If there’s a problem with reverse mortgages, it’s the perception that they are plagued by irresponsible lending criteria and that they prey on less knowledgeable customers who want to live beyond their means. And there’s a certain amount of truth in that.

I’d rather my parents blow every last cent enjoying their lives. Even if that means using all the equity in the family home through a reverse mortgage to travel the world.

That way, my brother and I would be left “fighting over nothing”. Yet again.

Bruce Brammall is the author of Debt Man Walking (www.debtman.com.au) and a licensed financial adviser.