To heart-broken daughter, I would lay a bet that your father was approached by his bank for this reverse mortgage. Bank of America was notorious for doing this to their aging customers. My mother took out a reverse mortgage to cover things that she had let happen to the house over 20 years of neglect, that had to be addressed. She owned her house outright, and they gave her 62,000, and the mortgage after 6 years has climbed to 95,000. She was told that the mortgage could not exceed the value of the house, however, the houses in her area go for about 85,000, and the reverse mortgage has valued the home at 130,000. There is no way that, when I have to sell the house, that I will be able to get 130,000! I was told that I could stay in the house, until it is sold, as long as I can prove that I am actively, trying to sell the house. I have no intention of keeping it, as I would not be able to pay the utilities, electric, etc. on it. I will have to let them foreclose on it. What I am concerned about is the reverse mortgage taking what they want from any other assets that are separate from the house, to pay for their full amount owed. Does anyone know about this? I have been living with her for the past 10 years, taking care of her (she is 93 now), and I am deaf (bi-cochlear recipient, now), and have tumor growing on my spinal cord, which is not possible to operate on. I will be without a home after she passes. There is not enough money from her other assets to pay for the reverse mortgage, so that is not an option for me. I am 63, get my SS due to my disability, and get less than $900. There isn't much that the government has done to help people like me when you stay at home for 17 years taking care of your children, your husband divorces you, and depending on what state you were divorced in, may not get any more than 1/2 the assets, no alimony, no way to prove he hid assets with his parents and boss. I left with only what I needed and left the rest there. He took back my engagement ring and anything he had given me, which wasn't much. There are a lot of unfair things that happen to you when you don't have the money to hire lawyers to help you, and the less you have, the less they are willing to do for you. Reverse Mortgages are in some ways very helpful, however, they are designed to benefit by taking the house from any heirs that are in the will. Not the most noble of designs, but a creative way to take houses that are worth much more in the end than they gave to the owner. She was told that the longer she had it the cheaper it would become, but I am not seeing this from what I have been reading from the contributors here.