Here’s a note that came out of the HUD newsletter on October 1st:

The National Housing Act requires that elderly homeowners seeking an FHA Home Equity Conversion Mortgage – a “reverse mortgage” – must receive counseling “provided by counselors who meet qualification standards..”    A final rule published in the September 2nd, Federal Register establishes a roster of counselors who have met these standards and from which counselors should be chosen.  For more, visit http://edocket.access.gpo.gov/2009/E9-21076.htm

It is usually a rather expensive means of gaining access to home equity, but in some cases a reverse mortgage  may fill a gap that is ultimately a real help.  The number of professionals working in this field today is growing rapidy.  Look for experience and a good referral.