HECM (home equity conversion mortgages) aka reverse mortgages are a great option for any homeowner over the age of 62.
With a reverse mortgage you can retire from the comfort of your home without having another required mortgage payment (it becomes optional and most seniors decide to NOT pay). If your home has equity you may qualify for additional tax-free cash out as well.
How much better would your retirement be without a mortgage payment? Keep in mind you are responsible for property taxes, insurance, and maintenance.