Please explain why it's a bad idea, specifics pleasek!
It’s a bad idea because interest rates with a reverse mortgage are about 2 points higher. With a conventional mortgage you will have just as much cash or more even including payments and you maintain total control over your property.
AARP and Countrywide love it. That alone raises questions for me.
Lots of up front fees like an annuity, thus if the old folks move or die soon, these up-front costs / commissions are wasted.
If the folks leave the home soon, there may be other less expensive options to consider, such as home equity loans.
Tough to leave the home to your children, because in many cases, the home is sold to pay back a reverse mortgage.
Many old people will not get detailed financial / legal advice. The folks may not understand what they are signing.