A reverse mortgage is NOT a good deal for most people, but the sales reps make it seem so.

Some folks who have limited income and need money to get by, or who have adequate equity in their home and want to travel, etc, can make it work for them IF they investigate it fully and be sure to make the payment term for as long as possible.

What can happen is a 70 yr old woman might sign up for a 20-year payment plan, thinking she won't live to be 90. So what happens when she turns 90? She's out the door with no place to live and no money from her home to help her survive.

Be very cautious of these loans. There are also very high fees to obtain them, which really cuts into the money you'll receive. You may also be responsible for HO Insurance, maintenance, property taxes, and even mortagage insurance. Here's a link about the pros and cons:

http://www.bankrate.com/brm/news/mortgages/20070104_reverse_mortgage_a1.asp