Reverse mortgages do have their place, as others have noted. Best example is the widow who has no one to leave her home to (or at least no one she WANTS to leave it to), and is trying to get by on $500 a month social security. The extra income is very welcome, and what was she going to do with the house, anyhow? And even if she has heirs, is she supposed to live like a pauper for 20 years to "preserve" the asset for them? I like the bumper sticker you see on big motor homes- "We're spending our children's inheritance".
Think of it as selling your home to the bank on an installment contract, and retaining a life estate.
BTW, I echo fellow counselor John T.'s dislike of Living Trust hawkers- they're the REAL charlatans in all this stuff. Do you really need a $3,500 free binder and lunch, to avoid a $2,000 probate?