Johnny, This is exactly what we face daily. Are reverse mortgages right for everyone? No, they are not. But they do serve a purpose for many seniors and if you understand how the loan works and it meets your needs and satisfies your goals, it can be a very beneficial retirement tool. Unlike your mischaracterization, they are not a tool for banks, "corporate landlords and speculators" to get your home. Homeowners decide how much money they borrow and when which determines how much interest accrues. Borrowers are not required to make a payment on the loan while they live in the property, pay their taxes and insurance, but they can if they choose to. If the borrower wants to make payments to lower the interest that accrues, they can and thereby preserve the equity. The borrower, i.e., the homeowner who bought and paid for the home, is the one who determines how much of the equity they want to use not the lender or any corporate landlords or speculators. There is never a prepayment penalty if the homeowner wants to make early payments up to and including payment in full.My own mother's Reverse Mortgage I've often told the story that the first reverse mortgage I ever originated and closed was for my own mother. After 30 years' mortgage experience, I had never worked with a reverse mortgage before my own mom asked me about them and I had to research them because I had never been involved with one. The loan was perfect for her. She bought and paid for her home and after 40 years in the house, as a retired person she got to the middle of each month and found herself short of funds. My siblings and I didn't worry about whether this would leave us less money later - the house was not ours to begin with. She was the one who saved and struggled to own and pay for it and there was no reason she should struggle in retirement then when she had an asset that would make her retirement years much more comfortable. She was also smart. She didn't do a lump sum payment when she didn't have to. She took just enough money to make some repairs that the home needed and then she opted to receive a monthly payment that allowed her to golf whenever she wanted, go to the California Angel Games (she loved her baseball) and go out to eat once in a while with her friends from church. She often bragged about her reverse mortgage and how it was the best thing for her. Neither she nor I can speak for all, but most of the time when I hear people complaining about the loan it is from people who have never gotten a reverse mortgage, heirs who did not get the inheritance they expected or those who did not have their affairs in order when the borrowers passed and found that there were hurdles to resolving title and other issues (and we try to help with these issues every chance we get). For my mom, the loan was a great help. For many other borrowers, we hear them say that they don't have kids to leave anything to or that their kids all have their own homes and are not concerned with leaving a house they don't want. A reverse mortgage can be a very good tool for them because they can use their equity or their funds for their own purposes while they are still living and are not concerned about the home after they pass. Still others may be very concerned about what happens to the home after they pass because they feel their heirs are unable to repay the loan and need the money and to those, I might advise then that a reverse mortgage will not achieve their desired goals. But in those cases, the senior homeowner is often left with the chore to try to find a way to remain in their home that they can no longer afford or maintain and do not want to downsize. To those individuals, a choice must be made and only they can make it. But it's not that the loan is bad, it's that that the loan may not do what they want it to do, and they need to decide. In short, anytime I hear someone make comments like you just did about the loan being avoided at all costs and giving vague warnings designed to promote fear without any specific reason or alternatives to those seniors who need help, I distrust it just as much as anyone who would say that the loan is the greatest thing ever and everyone should get a reverse mortgage even before they knew of the person's circumstances. Neither statement is true, and both can be just as ignorant.

Hello Mila,That is a personal decision that only you can make. Let me ask a few more questions. What are your plans for staying or selling the property in the next 5 years or more?

Do you have plans to leave the home to family (children)?

Are you able to do everything you want to do with the income and savings you have now or are there things you wish you could do but find your resources are holding you back?If you plan to move in the next few years, say to downsize or to buy a home that better suits your needs, is closer to family and friends or whatever your reasons, then I would probably tell most borrowers not to look at getting a reverse mortgage now. In your case though, it would be your preference. You have a lot of equity and you could easily eliminate your monthly payment with a reverse mortgage and use some of the money for home improvements, travel (when that becomes possible again) or whatever you wish and still have a lot of equity to use to downsize or whatever you choose to do later. If your goal is to pass the largest possible asset to heirs, then you would be best served by taking no loans and paying off the loan you have. When you pass, your heirs will inherit the largest possible asset with no liens.If you do not plan to move soon and you feel that your resources are lower than what makes you feel comfortable should anything come up, a reverse mortgage might be a great option, whether you want to leave the largest asset or not. You are not required to make payments with a reverse mortgage, but you can at any time with no penalty. Therefore, you could get the reverse mortgage, choose to make regular payments so your balance does not rise on the loan and then use the funds only as needed or desired until you sell the home or pass and leave your home to heirs. In this manner, you would be using the funds sparingly and minimizing the growth of the loan balance due to accruing interest. If you are not concerned about leaving an asset to heirs, you can cease making payments and the money you spent on monthly payments would become your additional funds for living, medical or entertainment expenses. And, since there is no mortgage insurance with a proprietary programs, the initial costs are lower than the HUD, government-insured program so you would not be adding a lot of additional loan balance on just with loan costs. Since your equity position is as strong as it is, if you practice just a modicum of care with your withdrawals, you can ensure that you will not use your equity unwisely or run up the balance on the loan needlessly.But as I started off by saying, there is no one right or wrong answer about getting a reverse mortgage. It all depends on you and your circumstances, your needs, and your goals. I would strongly suggest that you discuss it with family, a trusted financial advisor and a reverse mortgage specialist with the options available to you in front of you so you can see how each would affect your circumstance. Then you can make an educated decision.You absolutely sound like you could benefit from one, but only you can make that determination.