[WestwardHo]

In a word, yes.
Locally, a retirement age couple used the reverse morgage to free money to purchase “stuff” and an expensive RV.
The husband died. The widow is left with huge debt and no saleable assets. Seems the persons who consider reverse morgages are the same group that look to 2nd/3rd morgages as ATM’s. Just a general observation.

[nufsed]

Sounds like they took more lump sum to buy toys. Ther fault is not reverse mortgage, it’s that they were impulsive and spent the money on toys.

[cherry]

not only that, but a simple home equity loan would provide money for living expenses just as well as selling your mortgage outright....

of course, I realize that some people are in desparate condition and maybe the reverse is the only way they have....