There are some disadvantages to this loan so be sure you do your research and talk to your financial planner.
First, there are high fees. The upfront fees are expensive and include closing costs, origination fees, and insurance.
You can finance this in the loan if you don't want to pay out of pocket, but this is considered the borrowed amount and you will pay interest.
Every month the amount of owed interest grows. The amount you need to repay could be higher than your original mortgage because of this.
Another drawback is that you won't be able to access all of your home equity. The loan amount is determined by your home's appraisal value, your age, current interest rates, and the balance on your mortgage.
Since you are borrowing against your equity in the home and accumulating interest, there may not be much wealth to your heirs.
Reverse mortgages can seem rather complicated. They are the opposite of a traditional mortgage. And many financial advisors have had to study these loans to understand them entirely.