[roalrus]

...rip off or does it have any benefits.? would refinancing be a better option?

A reverse mortgage basically allows you to retain ownership of the house and receive money, either lump sum or payments. The money received is basically a loan which is paid off either on your passing or the sale of the house. You never need to pay on it while you are alive and living in the house but it does accrue interest. You must be 62 or older to qualify for a reverse mortgage.The major difference between a reverse mortgage and refinancing is income. For a reverse mortgage you don't need to show or receive any income where as a refi you have to prove you can make the payments. With a reverse mortgage there are requirements to keep homeowners insurance and the house in good repair.There is so much more to go into. A good loan officer should be able to help you better understand your situation and what the two options would look like. Please let me know if you have any questions.