We have had a Home Equity Loan for many years. We use it when we need it. The interest rates are low and $$ can be available  in seconds. 

The reverse mortgage doesn't make sense for the OP. (Planning to sell home and go FT). A HELOC (Home Equity Line of Credit) would make much more sense, involve very low fees in most cases, and would simply be paid off at closing when the home is sold. A HELOC with a loan to value ratio of less than a certain %, will usually not require an appraisal. Closing costs are a fraction of those involved in a reverse mortgage or traditional mortgage.

Reverse mortgages involve steep fees and come with the unpleasant experience of getting a monthly mortgage statement showing an ever increasing balance due to the lender. As long as the homeowner keeps current on real estate taxes and insurance, the homeowner can usually stay in the home until death. For a retiree with limited resources, who absolutely wants to stay in their home, it's an option worth exploring, when staying is otherwise not financially feasible.

There are no commissions paid to the originator of a home equity line of credit. On the other hand, mortgage originators get a big fee when a reverse mortgage is sold because of the high fees and potential profit to the lender.

Wings Financial is a good place to start for a HELOC if you have the ability to join them. 

I don't know the exact circumstances. I do know it wasn't anything on that list. My uncle was told he had collected all the money agreed to. He had to repay or move out. The house was put to sale, he moved in with his daughter. All I am saying is be sure to understand the contract, and how long you plan to live.

Edited 19 hours ago by Sehc

spell check error

My recollection is that in the early days of reverse mortgages regulations were very loose and there were some really bad ones.  At this point I think that they are more regulated in terms of what can and cannot legally be done.