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 - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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