As the owner of a finanical planning company with ING Group, the owner of a mortgage company, and a licensed Realtor, I can say that you ABSOLUTELY must speak with a financial advisor, and/or your attorney, CPA , etc. prior to making this decision.
There are many regulations involved with reverse mortgages, and they are certainly not an appropriate investment tool in every situation. A reverse mortgage will eliminate the control you have over your assets, and will certainly deplete your inheritable estate. This may be an issue for you, or it may not, but you have to take these considerations into account.
If you are looking to structure retirement income, there are many options you have that can be far superior to a reverse mortgage. You could build income producing assets through a municipal bond portfolio, CD's, dividend producing stocks, or annuities. All of these investments will generate income and give you more control and flexibility over your money than a reverse mortgage would..
I am not saying a reverse mortgage is not an option for you, as my firm has used this strategy with some of our clients, but you certainly need to weigh your overall situation prior to making a decision like this.
Please feel free to contact me. I would be happy and honored to help you in anyway that I can. I am enclosing a link to my company website, so you can view information regarding myself and my firm. Hope to hear from you, as I am available at your convenience.
The America Consolidated Companies