Bankers are currently doing a heavy push on a product called a “Reverse Mortgage.” They are targeting seniors. You will see these products heavily advertised on Jeopardy and The Price is Right. Having already bled the working and middle class housing market, they are looking for new ways to feed.
If anyone you know has been approached about such a product, advise them to treat a reverse mortgage as a scam to be avoided like a beer fart. Avoid the person and institution promoting it. Technically speaking, the word “scam” does not apply, but these are among the most expensive financial products ever invented. They are designed to bleed the customer to death rather than merely slashing the throat.
If you or your parents or anyone you know are desirous of enjoying their estate while alive rather than leaving it to descendents, seek qualified advice from a non-banking financial person. There are other, less expensive ways to convert a house to cash while still living comfortably. A “life estate” comes to mind, and surely there are other, less expensive ways to go.