We have a very mixed opinion about reverse mortgages. You spend most of your working years paying off your house, only to lose it again after you retire. It doesn’t seem like the smartest decision, but there are cases where it does make a lot of sense. Just be educated and beware of the pitfalls/risks.
A Reverse Mortgage, also called Home Equity Conversion Mortgage (HECM) are federally insured loans backed by the FHA. When researching mortgage companies, make sure they are FHA approved. That is your protection against the mortgage company going out of business.