My late father wanted to stay in the house on the property that had been in the family for more than 150 years.  His annual retirement income was under $20,000 a year. My brother, who is very careful with his money, advised him to take out a reverse mortgage to undertake some important renovations to support my father staying in the home.  

The reverse mortgage worked out very well.  Dad lived in the house for 15 years and had his wish to die at home come to fruition. When the estate was settle each of the 8 children received a small amount of money and the mortgage was paid off.

I am not sure if it is a good tool for middle age families who have become home rich but cash poor but certainly for many seniors on very fixed incomes it can be an important tool for maintaining independence.  Count me as a strong supporter of reverse mortgages!