A reverse mortgage is available to anyone who is at least 62 years old and owns a home outright, or has a small mortgage balance remaining.
Here's my gift-giving rule: Respect your current financial situation.
Money you know you need or want to spend in the next few years is savings. Money you keep handy for an emergency belongs in savings. Money you hope to use soon for a down payment on a house belongs in savings. And all savings belong in a low-risk bank savings account or money market account.
There is no law saying you have to die before your assets can be passed to loved ones. In fact, gifting earlier can be a lovely way to witness how your money helps your family thrive.
Ian St. John