PHP Forgot Password Function

Question

I have a small community website and I need to implement some sort of forgotten password function. I currently store the passwords in the DB, encrypted with MD5.

Is

Answer 1

As Marcus Reed stated, in 2015/2016 if you have PHP version >=5.5 don't use MD5, password_hash() and password_verify() provide an easy and secure hashing for your password with the ability to provide a cost and automatically salts the hash.

I don't have the ability to vote or comment currently which is why I'm providing a definitive statement to avoid confusion.