First of, you can only do a reverse mortgage on a primary residence. It takes 30-60 days. Lenders lend up to 65% of your appraised value max, but it depends on your age or your spouse's age. Appeased value does not equal sales price necessarily. So if you sell, you will get more cash in your hand. But consider how much you need and consider capital gains. Loans are not taxable, so that is an advantage.