Robert Wagner may advertise a reverse mortgage to be the greatest thing since sliced bread, but remember he is a multi-millionaire. A reverse mortgage can be a VERY VERY bad idea unless you have one foot in the grave and another on a banana peel, and you have children who are financially able to pay off your debts once you are gone. I have a young friend(20 years old) whose father took a reverse mortgage in order to pay for much needed home repairs. His father meets the criteria, the problem is that his children don't. It's sad, actually.
My advice to you is to talk to your local bank manager, just where you have your checking/savings account. He/she will be able to explain the process better than I ever could, and would give you an unbiased opinion. If you go to any kind of loan officer, their views are liable to be tainted in one direction or the other.
Here is a link to a set of pros and cons on reverse mortgages, you may find everything you need there. Best wishes to you!
http://www.credit.com/life_stages/retirement/Making-Sense-of-Reverse-Mortgages.jsp
