Is it a good time for a reverse mortgage?

With a traditional second mortgage, or a home equity line of credit, you must have sufficient income versus debt ratio to qualify for the loan, and you are required to make monthly mortgage payments. The reverse mortgage is different in that it pays you, and is available regardless of your current income. The amount you can borrow depends on your age, the current interest rate, and the appraised value of your home, sales price or FHA's mortgage limits, whichever is less. Generally, the more valuable your home is, the older you are, the lower the interest, the more you may borrow.

Whether it is a "good time" depends on your own circumstances. The fees are generally high and the amount owed on the mortgage increases at a rapid rate. If there is any change in ownership the bank will own the property. You need to be fully informed before you decide to sign.