You don't want to do this!

Here's a Great article on reverse mortgages from Dave Ramsey:

"The truth about reverse mortgages

Many elderly people in need of money look at getting a reverse mortgage. Reverse mortgages are very dangerous, especially for elderly homeowners. Reverse mortgages are very expensive and promise an uncertain amount of benefits.
For example, a typical reverse mortgage may provide a home owner $300 per month with a monthly compound interest rate of 1%. Over 10 years, the home owner receives $36,000 but will owe close to $70,000 – almost twice as much received! Also be aware that these loans have complex contracts and can even include “additional interest” clauses. These clauses can allow the lender to keep all future property gains should the property appreciate before the loan is paid in full.

Do yourself a favor and stay away from reverse mortgages. If you have a family member considering a reverse mortgage, convince them otherwise."

web source:
http://www.daveramsey.com/etc/realestate...

more great questions & answers on it from Dave:

http://www.daveramsey.com/etc/askdave/?i...

http://www.daveramsey.com/etc/askdave/?i...