Is a reverse mortgage a good idea?

My friends own a small farm with a modest home and a barn but it is in an area where many fancy housing additions are going up. Their Social Security checks are very small and they have no other monthly income or savings accounts. Up until now they have held part-time jobs but health problems won't allow them... show more My friends own a small farm with a modest home and a barn but it is in an area where many fancy housing additions are going up. Their Social Security checks are very small and they have no other monthly income or savings accounts. Up until now they have held part-time jobs but health problems won't allow them to work any longer. Both are in their late 70's and they need more income. Would a reverse mortgage be a good idea for them?

They have adult children who would like to buy the farm if the parents will hold the mortgage. I have doubts that they could/would keep up payments to their parents.
Update: I should add that they do not want to sell their property and move out of the home they have shared for years. I had already suggested that they sell it and move to comfortable low-income senior housing in our community.
14 answers 14