Merits and demerits of Reverse mortgages

There are many advantages and disadvantages of having reverse mortgages which you should know before getting into it. I am trying to list all as follows:

Merits:

1. Reverse mortgage proceeds does not effect on government provided services like medical services directly.
2. The proceeds you would get will be totally Tax Free.
3. Its a good source of regular Income, nothing to worry about financial side.
4. You can live in your house for rest of your life, you will have full ownership of your house.
5. You can cash on your house while living into it.
6. you can get back your home if you get money from anywhere like your children give you money after saving money from their job etc.
   

Demerits:

1. Many lenders do gambling in the process of reverse mortgage, but this is avoidable by choosing good and experence lender.
2. The proceeds you will get will have to spend in limited period otherwise they will count this money as your assets.