My husband and I have no children. I had thought of a reverse mortgage in our later years. Would that be a good idea?
If you don't care to leave money to anybody, then that is an excellent way to get cash and still stay in the same house. The analysis that you would want to do is what rate you can get paid on the reverse mortgage, versus selling the house, investing the money, and renting.
Given my personal circumstances, I would not do it. It may work for you. Everyone's situation is different financially, socially and psychologically. That is why I get a little out of joint with financial products advertising; they start with the assumption that eveyone can benefit from their product which is patently not the case. One of things that I do like (and there is much to dislike)about popular financial personalities like Dave Edwards, Susie Orman and the like is that they at least tend to provide answers or suggestions in the specific...and after they have asked some questions concerning income, net worth, risk tolerance etc.