There's nothing inherently wrong with reverse mortgages, and for some people they make a lot of sense. Many people end up retired with little or no income and only one big asset: their house. By then, their house is probably even paid for (or nearly so). A reverse mortgage basically lets them sell the house (or a part interest in it) to the company in exchange for a regular monthly payment, and the right to continue to live in the house for the remainder of their lives.
They get the security of a place to live and a regular dependable income for life. The only people that lose out are their beneficiaries, if any. But hey... it's not their money anyway.
I've been trying to talk my elderly parents into some form of this for years. They are low income but their one big asset is their paid for house. They want to leave it to me and my siblings, none of whom need the money.