I've looked into them pretty extensively, to advise clients.
They can be useful to increase cash flow, IF you don't care if your property is passed on to your heirs. By the time you die, the mortgage on the property will be pretty hefty, and if your kids are in good enough financial shape to bail it out then, maybe you could sell to them now and reserve a life estate, to get more income. They're especially useful if you have good equity in the place, you either don't have kids or don't have any that you care to pass it on to, and you would rather stay in the place than sell it.
Also, the reverse part (how much you'll get monthly) is figured on actuarial tables, so the older you are, the better deal they are. Probably not worth bothering with if you're not at least in your 70's.
There will be many who will respond that "they're a ripoff, the bank is stealing your house." Well, not really- the bank is BUYING your house and letting you stay in it, and giving your heirs the chance to buy it back after you die.
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Today's Featured Article - Old Time Threshing - by Anthony West. A lovely harvest evening late September 1947, I was a school boy, like all school boys I loved harvest time. The golden corn ripens well and early, the stoking, stacking,.... the drawing in with the tractors and trailers and a few buck rakes thrown in, and possibly a heavy horse. It would be a great day for the collies and the terrier dogs, rats and mice would be at the bottom of the stacks so the dogs, would have a busy time hunting and killing, all the corn was gathered and ricked in what we c
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