Reverse mortgages are not what they are cracked up to be and may not be for everyone. Beware of the hidden costs. People do not realize there are steep fees. When you get the reverse mortgage they will pay off your outstanding debt like your mortgage, or home equity loans etc. but in most cases they will charge you more than 5% of the loan amounts to do so. You must realize that you would still be responsible for property taxes on the home, the utilities and the repairs and maintenance of the house. A helpful website about reverse mortgages is: www.aarp.org/money/revmorgt.
Remember you must be 62 years of age or older to qualify.
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