Thank you for your thoughts, Mary.
I am thinking of using the RM as a way to help me afford to retire, so I won't want to wait until my 70s, even if the payout is better.
I am 47 now, and am hoping to retire ASAP. I lost a substantial (to me, 6 figures) amount of home equity a few years back, and it has seriously hampered my ability to buy my final home mortgage-free, something I have long hoped to do. So if I still want to do it, my choices are to raid my retirement accounts (which are only just over 200k), look for a no-frills small condo, or buy a home using a reverse mortgage.
At this point, I am leaning towards the reverse mortgage idea. Especially if I have to work until age 62, which I most likely will.
My plans also include relocating to a less expensive area, so that my limited funds stretch further.