If you get a reverse mortgage, your wife will get the house when you die.
But she will still have to repay the mortgage or give up the house to the reverse mortgage company when she dies or moves out, say, to a nursing home or assisted living. Your child or whoever can repay the reverse mortgage, like buying their own house.
The reverse mortgage company will want to settle the affair IMMEADIATELY after the wife or you vacates the house.
You can take a lump sum payment or monthly payments. Keep in mind the reverse mortgage company will not give you the entire amount the house is worth.
The house needs to be in sellable condition for you to get the “full” benefit from the mortgage (“Full” being the entire benefit you would receive.).
@zenvelo The person may not have any money to begin with. What’s your point?? Living in a house when no payments are required cannot be a bad thing.
I looked into getting a reverse mortgage when I turned 62 but my house is not in sellable condition, meaning I would have to use the money I got to fix up the house. Not what I wanted the money for, so I gave up the idea.