In general, a reverse mortgage is going to be the worst solution to a problem.
I don't have any horror stories. However, I did know a guy who took one out. He died within the year, and the wife was put in an apartment by her relatives and the house was sold. I don't she lasted another year. This was one of those "Apres moi, le Deluge" situations. The old couple was at the end of their ropes and just needed some operating capital to get to the end of the line.
Nobody in this deal was financially literate. However, if it had been me, I'd have pulled my own head off before I signed up for a reverse mortgage.
