I retired 2 years ago and my wife just pulled the plug. We got a reverse mortgage a year ago. We both had to be 62 (not 65). There are very strict laws to protect you on reverse mortgages (as a matter of fact, you have to have a meeting with a trained professional with no skin in the game to make sure you know what you are doing). They roll your current mortgages into the reverse, so no more mortgage payments. They base what you get out on the equity you have in the house after they pay off your existing mortgages. You can take the money in a variety of ways (we took a monthly payment that keeps coming until both of us are no longer in the house plus kept a nest egg that we could access in case we have a disaster). If you die or move out of the house, they sell the house, pay off the reverse mortgage and you or your heirs get what's left. I would heartily recommend that you see a professional and ask for advise.
