I've looked into them pretty extensively, to advise clients.
They can be useful to increase cash flow, IF you don't care if your property is passed on to your heirs. By the time you die, the mortgage on the property will be pretty hefty, and if your kids are in good enough financial shape to bail it out then, maybe you could sell to them now and reserve a life estate, to get more income. They're especially useful if you have good equity in the place, you either don't have kids or don't have any that you care to pass it on to, and you would rather stay in the place than sell it.
Also, the reverse part (how much you'll get monthly) is figured on actuarial tables, so the older you are, the better deal they are. Probably not worth bothering with if you're not at least in your 70's.
There will be many who will respond that "they're a ripoff, the bank is stealing your house." Well, not really- the bank is BUYING your house and letting you stay in it, and giving your heirs the chance to buy it back after you die.
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Today's Featured Article - Storing Your Tractor - by Staff. If your tractor is going to be stored for any length of time, a few precautionary measures are helpful in preserving various parts, also in avoiding future difficulty. Store tractor under cover. If impossible to place tractor under cover, be sure to cover air stack and exhaust pipe. Drain radiator and engine block. To avoid gum content collections, drain both fuel tanks and carburetor. Leave radiator and fuel caps slightly loose to protect gaskets. Block tractor up to remove weight from tires and to keep tires from contact with moist floor.
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