This paper examines the impact of behavioral factors on reverse mortgage demand. Retired households often hold a large share of their wealth in housing assets, yet take-up of reverse mortgages remains low. Using expected utility analysis, we show that these products can provide financial benefits to retirees. We then present evidence from an experimental survey of 882 homeowners aged 60–80 in Australia. Information framing to offset mental accounting biases increased the share of housing wealth participants were willing to release, while case studies improved product understanding but did not increase demand. Framing to address narrow bracketing had no significant effect. Overall, demand on the extensive margin was primarily driven by economic factors, preferences, and perceptions, while behavioral factors, particularly mental accounting, influenced demand on the intensive margin. These findings underscore the joint importance of economic and behavioral drivers in shaping reverse mortgage demand.