There are recent (late 2013 for 2014) changes to the HECM (Home Equity Conversion Mortgage) that can be found at the U.S. Department of Housing and Urban Development site:
If you are 62 years old or over and want to stay in your home, rather than sell it (which may be the better alternative depending on your unique circumstances), then a "reverse mortgage" may provide another option. Usually, this is a rather expensive solution.
There are now lower limits on how much you can borrow from your equity. You never could access it all but more likely around half the equity is what you would get. Now, only 60% of the approved amount can be taken in a lump-sum. The rest would be taken on a monthly schedule.