I have first hand knowledge of a neighbor (back up north) who took out a reverse mortgage at the peak of the housing boom..... She died 2-3 years later and blew the entire $240K!! Now here is the kicker.....the bank when after the estate for the difference in the current value of the house and the amount loaned, since the housing market had tanked, the bank wanted around $80k from the estate. This was so messy that at one point the daughter and granddaughter were looking at filing for bankruptcy. AVOID AVOID AVOID!!!!!
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Pennsylvania, for 60+ years, most recently, Allentown, now TV. 
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