Reverse mortgages are a win-win for the banks, and a trap for the homeowners. If you're still paying on the house with a substantial balance on it, even if it has quite a bit of equity in it, they don't even want to talk to you. If it's paid off or close to it, they would make a loan on what they consider it is worth, estimate your remaining life span and set monthly payments to you accordingly. In the meantime, you are still responsible for the taxes, home insurance, Interest on the loan, and all maintenance. Let something lapse, don't keep up the place to their way of thinking. They evict you. If they find out you are not living in the place, they evict you. Unless you have a wife and are legally married to leave it to and she wants to stay in the place. It's a losing proposition.
