There is a long list of financial products that are automatically met with derision and criticism, usually unwarranted. Reverse mortage is a great example. A reverse mortgage is a form of home equity loan, and it's a safe and useful product, but only for some. To use it safely, a few criteria need to be met:

1) You need an ongoing source of income (social security, pension, annuity) sufficient to cover maintenance, debt service, insurance, and taxes, indefinitely.
2) You need to have a reasonable expectation of being able to age in place.
3) You have a reserve fund for home health care. (LTC insurance would be ideal, but this is America, where nobody plans ahead.)
4) You don't have an expectation of leaving your home to heirs.
5) You own the home free & clear and have no other significant debts.

If this is the case, then it's not unreasonable to tap into home equity for spending money. It doesn't necessarily screw up your estate, unless your heirs have an irrational expectation of keeping the home or the house value is grossly out of line with the appraisal. In most cases, the home is sold, the bank is repaid, and the estate only gets whatever loose change is left over.

The truth is that you need a certain amount of wealth to make this work. The reason these loans have a bad reputation is that the borrower often has nothing left but home equity, and quickly gets into trouble. And for these borrowers, it turns into a nightmare. Also be careful of private label loans. The HUD version of the reverse mortgage, called a HECM, is safest.