Good news from the NRMLA
Higher loan limit of $417,000 for reverse mortgages may start around November 1
Growth in the number of reverse mortgage loans being made to senior citizens may have slowed, temporarily, according to the National Reverse Mortgage Lenders Association, but the 2008 fiscal year ending September 30 closed the books on another record [...]

Reverse Mortgages are still being offered and more and more seniors are taking advantage of the product.
There is widespread problems in the forward mortgage industry, however Reverse Mortgages are still a strong option for many homeowners.
HUD includes protection features in their Reverse Mortgage product:
Reverse mortgages also contain a “nonrecourse” component. The U.S. Department [...]

This is good information pertaining the counseling required by all individuals who are planning on utilizing a reverse mortgage.
The law requires reverse-mortgage borrowers to receive “adequate counseling” from a third party not associated with the lender, and it allows the government to create a new counseling program funded by mortgage insurance premiums.
It also reduces possible [...]

BOSTON - With the popularity of reverse mortgage loans on the rise among Massachusetts senior citizens, the Office of Consumer Affairs and Business Regulation (OCABR) and the Executive Office of Elder Affairs (EOEA) has launched a new web site, www.mass.gov/reversemortgage, to provide information and guidance to borrowers about these types of products.
Reverse mortgages are loans [...]

More consumer protection on reverse mortgages. The new law would ban origination fees on reverse mortgages, which allows borrowers to take an advance against home equity. The law also bans insurance salespeople from originating these products and prohibits originators from requiring homeowners to buy annuities.