If you have other money to live on the I would not get a reverse mortgage. The lender will charge you fees and interest. It sounds like a good idea but remember you probably be paying fees and interest. You would be amazed how much interest you pay over the life of a loan.

No. Reverse mortgage is good if you have some concerns like health or otherwise; didn't have enough pension or something, you look like secured and have enough sense to know the difference. Just sit on your property right now, you have about 15 years to think about reverse mortgage. I know this my mother went through this and please don't let them lure you into this, you will end up unsecured and pay more icharges.......

I think the best option for you is going to be to look into refinancing at a lower interest rate instead of a reverse morgage. You are pretty young without a lot of equity. A referse morgage is going to chew up 8-10k of your equity in closing costs which won't leave you much to draw down on. Refinancing may be difficult as well now that you are retired, but will depend on how much your monthly income is. I would definitly recommend talking with a local credit union to see what their options would be for refinancing to a lower rate.

To be honest, I do not believe you have enough equity to qualify for a reverse mortgage. In your situation, I would consider that any extra monies should be used to reduce the principal of the mortgage. That way, in the future, you may desire to utilize that option.,

Reverse mortgages are a good product in some, but certainly not all situations. You should seek out someone who specializes in reverse mortgages and also, speak to a financial adviser.