There have been some recent changes in the law that makes reverse mortgages a much better deal than before.
For example, the fees that can be charged used to be VERY high; they are now capped.
For most older folks,who have no other reliable source of income, the Reverse Mortgage can be a good option. I have read up on this subject quite a bit, and my initial skepticism has been reduced quite a bit after the recent law changes.
I do not know personally for anyone doing this, but if you Google "Reverse Mortgage", there are quite a few articles on the pros & cons of it.