To be eligible for a HECM, the: 

The amount of money you can get depends on the age of the youngest borrower, current interest rates, and the home's value or maximum mortgage limits for the area.  Consumers can receive their money in a variety of ways:

Reverse Mortgages are generally due and payable when the last surviving borrower dies, sells, or moves although other triggers can call the loan such as not paying taxes/insurances, allowing the home to become in a state of disrepair, etc.  A safeguard with Reverse Mortgages are that they are non-recourse loans so the borrower never owes more than the value of the home. 

North Carolina has separate legislation regulating Reverse Mortgages in our state. According to North Carolina law, if you apply for a reverse mortgage loan you must receive counseling from a housing counselor certified by the North Carolina Housing Finance Agency.  The counseling session is designed to help older consumers make an informed decision about a Reverse Mortgage.   For a list of organizations that are HUD-approved for Home Equity Conversion Mortgage Counseling, whose staff meet the North Carolina Housing Finance Agency’s current requirements for Certified Reverse Mortgage Counselors, visit www.nchfa.com.  Lenders must be listed through the Commissioner of Banks in our state.  For a list of approved lenders in NC, visit their website at  http://www.nccob.org/NCCOB/Mortgage/ReverseMortgage/.

AARP has excellent information in their publication, "Reverse Mortgage: A Guide for Consumers" and on their website.  Visit their website at www.aarp.org.