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Good question. Found this helpful -
Reverse mortgage pros and cons for homeowners
Sounds too risky to me though, for almost every circumstance. Why put your house on the line when you are 62+, again, literally banking on the fact that you will be able to withstand the length of the mortgage vs getting into your 70s, 80, and even into your 90s.
I guess this makes the most sense for retirees that know they won't be able to go any other route to make monthly income, but they do have a house, and only a house as their best bargaining chip. And they don't mind gambling with it.