It is a good idea for those 62 and over, who have their home paid off or with enought equity in it. Who has no children, or their children are well off on their own (not counting on inheriting the house). A reverse mortgage will provide you with either a steady income for many years or a lump sum which will not require immediate repayment. You will still be responsible for paying your property taxes and HOA fees. Money can be used for leisure activities "happy retirement" or for necesities and medical needs.