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Reverse Mortgage
Life Settlement
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Reverse Mortgage for Purchase

Comparison to Other Options

Reverse Mortgage Forward Mortgage 100% Cash Down

* Although not required, it is best practice is to get an independant appraisal to make sure that you get a fair deal on the purchase price of the house.
Monthly Payments No Yes No
Income Requirements No Yes No
Credit Requirements No Yes No
Appraisal Yes Yes No*
Debt to Income Requirements No Yes No
Loan to Value Requirements Yes Yes No
Pre-Payment Penalties No Typically. Be very careful. No
Recap Saves a second closing. Due to the current credit crunch, it's hard to get a good deal. If you've got it, this will be the least expensive. You can always get a reverse mortgage later.