DEAR SUN SPOTS: I am looking for a service that refurbishes wood stoves, preferably in-home? I have a Vermont Castings Vigilant in need of an overhaul. — No Name, Oxford

ANSWER: Sun Spots thought she was going to strike out on this question. “They are a nightmare to work on,” “the parts are hard to find” and “require extra fire protection than other models” are a few of the responses she got to her calls. 

Then she talked to Marty at Northern Lights Stove Shop (Farmington, 778-6566). He said they work on them all the time and have some old stoves sitting around for parts.

However, if the estimate for repairs is steep, you might consider a new stove instead. The newer stoves are much cleaner and more efficient than the old ones. The Spotses upgraded a couple of years ago and noticed a marked reduction in the amount of surface dust in the house.

DEAR SUN SPOTS: I would like to know your opinion on reverse mortgages. I am thinking about applying for one.

Thank you for any advice you may offer. — Maureen, Lewiston

ANSWER: One of the best sources for information on reverse mortgages is AARP. Because these loans are sold to seniors, the topic frequently appears in the AARP magazine and bulletin.

The same articles are also on their websites. You can go to aarp.org and search for “reverse mortgage” and read many of them, such as “10 things you should know about a reverse mortgage” at http://tinyurl.com/3bfyxjw.

A reverse mortgage is available only to those age of certain ages, depending on the type of loan. You must own your home outright or be able to pay off the balance with the proceeds of the loan. You maintain title to your home and must continue to pay taxes and carry homeowner’s insurance. You also must live in the home (for example, you can’t rent it out).

You can receive the proceeds in a lump sum, in monthly installments or through a line of credit. When you die, sell the home or permanently relocate you must pay the loan back. Your loan can also be “called” if you fail to maintain the home or pay taxes.

The primary criticism of reverse mortgages is that they are too expensive. Along with the typical costs of a mortgage, there are additional origination and ongoing fees.

Also, many people don’t understand all the ramifications of the loan when they sign up. One AARP Bulletin had a story about widows and widowers who have been left homeless because they were not named on the loan (http://tinyurl.com/m6lhc4m). When their spouses died, the home was sold out from under them.

As with other financial instruments available, few are appropriate for everyone. If you are thinking about a reverse mortgage, you should read everything you can find. (Another good source is the Federal Trade Commission, ftc.org.)

There are times when reverse mortgages are a good fit. Year ago Sun Spots recommended one to a man in his 80s whose home had appraised high, but efforts to sell it were going nowhere. His much-younger wife nixed the idea, and they continued to cash out securities — on which they had to pay capital gains taxes — to cover their expenses.

Years later he’s gone and she still owns the home, which Sun Spots smugly predicts will eventually sell for well below its original appraised value.

If they had taken the lump sum and put only his name on the mortgage, after he died his widow would have been able to turn the task of selling the house over to the bank.

This case, however, was rather unusual. Reverse mortgages are often not a good idea. A certified financial planner (to whom you pay a fee — not one who is trying to sell you insurance or other services) could take a look at your financial situation and advise you better than Sun Spots can.

You can find a fee-only adviser at www.napfa.org, the National Association of Personal Financial Advisers, or at www.fpanet.org, the Financial Planning Association.

And, before you sign the papers, spend a few bucks and have your lawyer make sure that the paperwork is properly done and that you understand it thoroughly.

This column is for you, our readers. It is for your questions and comments. There are only two rules: You must write to the column and sign your name (we won’t use it if you ask us not to). Please include your phone number. Letters will not be returned or answered by mail, and telephone calls will not be accepted. Your letters will appear as quickly as space allows. Address them to Sun Spots, P.O. Box 4400, Lewiston, ME 04243-4400. Inquiries can also be emailed to sunspots@sunjournal.com.

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