If you think the only way to handle your debts is to take out a reverse mortgage, please see a financial counsellor first. You may be surprised to learn that there are other options available.
If you do want to go ahead with a reverse mortgage, please look at the ASIC website and read about reverse mortgages. Use the site’s reverse mortgage calculator and read the assumptions very carefully. Also read the Executive Summary of ASIC’s Review of Reverse Mortgage Lending in Australia and take note of the case studies.