A Pikesville, Md., man who lost his Maryland insurance license in 2008 pleaded guilty April 1 to two charges in connection with a reverse-mortgage scheme that defrauded an elderly woman of $274,000 three years ago.

Reverse mortgages, which have been trumpeted as the panacea for many seniors who have paid off their home loans, are not a good fit for most older Americans, according to a new Consumers Union report.