A reverse mortgage is a special type of loan that provides a senior citizen with the opportunity to convert the equity in their home into cash without having to sell their home, give up the title, or take on a new monthly mortgage payment. In order for you to be eligible for a reverse mortgage, you must own your home, it must be your principal dwelling, and you must be 62 years of age or older.
You can take these proceeds out as a lump sum payment, line of credit, or a combination. Your home is probably the biggest asset that you have. You do not have to repay a reverse mortgage until you permanently move out of your home, sell it, or die. After the loan and capitalised interest are repaid, any remaining equity is distributed to you, your heirs or estate.
The disadvantage of a reverse mortgage is that the debt isn't paid off until you sell your home, move or die. The interest compounds over time. Another disadvantage is that a reverse mortgage prevents you from leaving your home to your children free and clear of any debt.

You should not just grab a reverse mortgage without thoroughly researching it.

If you are considering a reverse mortgage, you must discuss the various alternatives and options, pros and cons with your family and or dependants and or next of kin and you must also obtain independent legal and financial advice before entering any reverse mortgage contracts.