For some people they are an ok last resort. Can’t lose the house because of it while you are alive. With home values falling I wonder how many lenders really want to get involved with them however. Not a big fan of those people that seem to indicate mom and pop should live in poverty with Medicaid just so kids can inherit a house. Most lenders (including Fed backed)have a requirement that both spouses be over 65. Under Texas constitution/law only one has to be over 65 (lender can still require both over 65). So in Texas you could at least technically have a reverse mortgage with one spouse being 90 and the other 18. Could be a long time before lender collects.
Not sure on that. It would seem if the borrower had to be over 64 and died, the debt would be due. I can’t see a loan contract with a 70 year payback.
Your post indicates a common problem with Reverse Mortgages. That being...you are long on opinions and short on knowledge. All persons on a RM must be at least 62 and BTW I'm in Texas.