I had an widowed in-law who took out a reverse mortgage on her Toronto property 20 years ago as her son reneged on the mortgage payments.  He convinced her he needed money to finance a building project he was involved in and it went bankrupt.  Rather than face foreclosure, she opted for a reverse mortgage so she could keep her home.  When she died, the mortgage had escalated to such a degree that it exceeded the value of her home.  Even still, the bank made very good money by charging 12% compounded interest on the reverse mortgage over twenty years.  Don't ever do it , I say !