Basically, you can take Reverse Mortgage when you reach 62, but be forewarned, they are often called the loan of last resort.  Based on the equity of the home (your primary residence) you can take a one time payment.  You are still responsible for taxes and maintenance up to HUD standards.  When you move (into the olde folks home for example), you must repay the loan.  If you die, then your estate will have to pay back the loan ((reportedly some serious fees are included)).  Depending on what they get for your house, your estate might get a little to pass on, or perhaps some debt (which I think cannot be passed on - kinda a stick it to them possibility).

The only advantage over a Home Equity Line of Credit is you do not have to make monthly payments.  That, and I suppose if you die prior to moving on, your estate may or may not benefit.  Reportedly 1 in 10 are in default. Tax payers to the rescue yet again.