Despite some industry pundits’ suggestions to use reverse mortgages liberally when planning for income in retirement, I still feel they are best used as an income tool of last resort. In some situations, the standard FHA HECM reverse mortgage works nicely; however sometimes it’s best to keep in all in the family.
Read this article for some more details.
http://www.bankrate.com/finance/mortgages/a-cheaper-reverse-mortgage-alternative-1.aspx