Good parts: You get 75% of the value of your house paid to you monthly over a set period of time. You no longer need to make house payments.
Bad parts; If the market dumps and your home isn't worth what it was when you started the reverse mortgage, you pay the difference. You still have to maintain your house, landscape, or you pay. You get all the payments you're supposed to receive, and you pass on. The house is there's.
It's not a good idea for most people ... especially if you want your heirs to get your home, after your death ... or want to be able to sell the home, later.
According to a couple economists I listen to (radio) ... the ONLY good point would be if you live long enough so that they pay you at least 10% more than the home is valued at. (and you never want to sell, or pass it to your heirs)
A reverse mortgage is good because it allows you to remain in your home and retain its ownership. You can carry out modifications on the home as your wish. It is especially good for people heading to retirement. Additionally, you do not need to pay any monthly mortgage payment unless you decide to move or sell the home.