A REVERSE MORTGAGE is far superior to a HELOCs for a number of reasons:

The rate cap on a Reverse Mortgage is as low as 5% over the start rate (currently that would top out at around 10-11%.  A HELOCs can usually top out around 18-22% which is about double and could end up being extremely expensive.

A HELOCs has fine print that allows the lender to immediately revoke your HELOCs at any time. This can leave you stranded when you may need the money the most. The Reverse is much safer and not subject to be taken away as the HELOCs is.

You must make a monthly payment with a HELOCs, typically of interest only for the first 10 years, at which time the access to any remaining credit line is closed. At the same time your interest only payment changes to interest and principal payments. This significantly increases your monthly payment (almost doubles) while you lose any remaining access to the HELOC at the same time.

Only a Reverse mortgage gives you the safety of not having to make a monthly payment. This feature greatly enhances your security and helps to ensure that you (and a surviving spouse) are in the very best retirement position possible both today and into the future. HELCOs may have some good uses, but it is a very poor choice during retirement and can get you into significant trouble and should be avoided.