I’m not a big fan of the reverse mortgage option. Families do it for various reasons, their strapped financially, maybe they have no company pension and the monthly bills are consuming them, or they simple want to give some cash to their familily members. 

Here’s a write-up on why some people chose this route. A reverse mortgage is usually approved by the bank at a higher interest rate than a normal mortgage. Another option would be to obtain a line of credit, this would prove less costly at a lower interest rate, you simply cover the interest monthly. I don’t know, the feeling of using the majority of your assests to fulfill a desire today might cost more in the long run.