Costs are pretty high and payouts aren't all that good.  Things are somewhat better in the US since they started regulating them. Credit counseling is required before they are granted.

A lot of folks who post here are pretty lucky to have investment portfolios, own property, hold government jobs with pensions with cost-of-living adjustments and full medical care, etc. So reverse mortgages don't make much sense for them.

This is not the case for many people for whom Social Security is a major source of income. IMHO, SS isn't adjusted to reflect runaway gasoline and food costs.

After the stock market crashes of the last decade, many retirees and near retirees don't have 401-K accounts filled with the 10% a year gains projected by their "financial advisors."  And now, those prudent enough to save in banks are being wiped out by 0% interest rates.

Reverse mortgages? They're a last resort, IMHO. And make little sense at 62. But if you're old, haven't got much saved, and aren't planning to move, they are better than starving for the rest of your life and leaving a house in your estate.

Better to live richer and die poorer than to live poorer and die richer.

Just my opinion.

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Social Security inflation adjustments - Be cheered that there was no inflation in 2 out of the 3 last years and only 3.6% last year.

http://www.ssa.gov/oact/COLA/colaseries.html