This report from California's Department of Real Estate provides great information on Reverse Mortgages.
At CoB, we're believers in Reverse Mortgages. If you match all of the criteria, a Reverse Mortgage may be the best loan available to you.
How to know if you match the criteria? Read the DRE report, and seek Reverse Mortgage counseling from a HUD-approved housing counselor. That's the nice thing about Reverse Mortgages--counseling is required, so you'll have all the facts before going forward. If only they'd do something similar for bankruptcies! ^_^
As for whom to seek a Reverse Mortgage from, we're kind of partial to Wells Fargo.