Which is better - reverse or refinance mortgage?

This is a great question -- one faced by many retirees.

The answer of course all depends on your needs and goals.

Typically a Reverse Mortgage will cost more than refinancing but will enable you to access quite a bit more money and completely eliminate your monthly mortgage payment.
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Refinancing your mortgage can lower your interest rate and lower monthly payments and sometimes can enable you to also access money through a home equity line of credit, but it can be difficult to qualify -- especially if you are retired without an income stream.
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Downsizing is another option that many retirees find appealing. Downsizing enables you to cash in some equity on your home and/or lower mortgage payments. It also enables you to potentially relocate into a home that may better suit your retirement lifestyle.
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I would encourage you to explore all options with lenders in order to get a better understanding of what each opportunity will really mean to you and your retirement -- both now and as you age.