We recently were handed a solicitation obtained via a TV commercial. It suggests calling an "AARP counselor to obtain a certificate for a reverse mortgage."

We wondered whether this offer -- very attractive during a relatively slow housing market -- was legit.

A reverse mortgage is a loan or credit line secured by your home. To qualify, you typically must be at least 62-years-old. But you never have to repay the balance unless you move, sell the home or die.

"Government backed program provides money for Senior Citizen homeowners," the solicitation enticed. The gentleman's credentials, according to the business card -- printed "free" at "www.vistaprint.com" -- are a "senior advisor."

"There's no such thing as an AARP counselor," Ken Scholen, director of the AARP Foundation's reverse mortgage education project, assures us.

We've heard of the professional designation, "Certified Senior Advisor (CSA)." But a search for the person claiming to be a "senior advisor" on the official database of Certified Senior Advisors failed to turn up the individual whose name is on the business card.

Darryl Hicks, vice president for the National Reverse Mortgage Lenders Association, notes that there is a broker-adviser program permitted by the U.S. Department of Housing and Urban Development. So it may be possible for someone to earn a portion of the reverse mortgage origination fee in exchange for services. Could this person be referring customers to lenders or mortgage brokers for a reverse mortgages?

"AARP does not endorse any reverse mortgage product or lender -- period," Mr. Scholen stresses.

Reverse mortgages are among the most costly of home loans. If you truly are interested in a reverse mortgage, Mr. Scholen suggests that you wait a year or two.

"Prices are just starting to come down," he says. "Costs will be much lower. You'll have more choices. The loan will cost less and you'll be able to get more cash."

Secondary market player Fannie Mae historically has been the only buyer of reverse mortgages. That's changing. Now the loans are being sold on Wall Street. Ginnie Mae is getting into the business by Sept. 30, Mr. Scholen notes. BNY Mortgage, New York, just came out with a federally insured loan that has an attractive interest rate.

At least four more lenders may be introducing competitive programs, Mr. Scholen says.

"The smartest thing for consumers -- unless there's an overwhelming urgent need -- is to wait," he says. For objective information on reverse mortgages, visit www.aarp.org/revmort.

How can you check whether someone pitching you for any financial service is legitimate?

You can examine the exact meaning of many professional designations at www.nasd.com. Click on "Investor Information" and then "Professional designations."

Always check with the NASD as well as state and federal regulators to make certain the individual is properly licensed. Check the person's experience and complaint history.

And understand exactly how you'll be paying for any financial service -- and other ways the individual may be getting paid.