Are there any pitfalls of reverse mortgages

There are many pitfalls of reverse mortgages as specified in the other comments - namely your heirs lose your house. 

One of the best alternative to a reverse mortgage is a Life Settlement. This is the technical term for selling your life insurance policy to investors for an upfront cash value. If you don't want or need your life insurance policy, it can be sold, just like your house or your car. 
But, There are best practices & tips:

• Avoid any reverse mortgage company/representative that requires the purchase of another financial product a condition of closing a reverse mortgage loan.  A reverse mortgage should be understood on its own as a financial product before any other products/services are added that can complicate the decision process.
• Consider alternatives to a reverse mortgage such as selling the house, renting out a room, etc.  There may be very good non-financial reasons to disqualify these options, but it doesn't hurt to run the numbers on them to make an informed decision.
• Negotiate closing costs and fees where possible.  Just like any other mortgage, a reverse mortgage can have many different options that might better suit a particular person's needs.

The best features of a reverse mortgage are the ability to borrow against a home you continue to live in, without risk to yourself/estate/heirs of owing more than the home is worth at the end of the loan, and without a monthly payment requirement.

That being said, it's important that borrowers understand they continue to be responsible for paying property taxes (same as if they didn't do the reverse mortgage) and homeowners insurance (same as if they had any other kind of mortgage).

It's a great financial tool when used appropriately.

Morever, Reverse Mortgage can be a good tool for retired people who find it hard to manage their monthly expenses. But, like every financial product there are certain pitfalls that you should know upfront so that you are better prepared and you take a informed decision. 

Pitfalls associated with Reverse Mortgage:

• Society Pressure - Home is generally looked upon as a sacred place. If you talk about liquidating your primary home, it is not taken well by anybody especially your legal heirs. Your legal heirs see it as giving away their family home and wealth.
• Higher Costs - Most banks charge a higher interest rate on reverse mortgage compared to a normal mortgage (home loan) and the valuation of the house is also in the hands of the bank. You may not get the real market value.
• Loan Liability if the owner moves or dies - A Reverse Mortgage becomes due in full if the owner dies or moves from the home. Paying such a high amount upfront can be difficult for both the owner and the legal heirs.

To know more about Reverse Mortgage, Reverse Mortgage Loan-Enabled Annuity (RMLeA), their eligibility criteria, tax benefits and other features, I suggest that you go through this Guide on Reverse Mortgage. You will get better understanding.