HELOC is the way to go. 
Reverse mortgages charge a much higher interest rate and provide a much lower percentage of the homes equity. On top of that there are legal and other fees required to set up the mortgage.
With a HELOC I have access to 75% of my home equity. The bank did not charge any set up fee. (I had two banks competing for the business). The interest rate is floating at half a point over prime. And I can end it at any time with no penalty by selling the house or paying back the amount owed if I win the lottery or inherit a large sum. 
I can live in my family home for decades with low interest access to tens of thousands of dollars. In the unlikely event that I burn thru the equity I can at that point sell the house and downsize or rent.
Why would anyone enter into a reverse mortgage when a HELOC provides so much more for less?