My understanding is that a reverse mortgage is based upon the property value of your home. In many areas, those property values are falling.
My suggestion is that you visit your local savings bank or regular commercial bank and discuss your question with them.
The issue, of course, is whether you can comfortably repay the loan that you take out. These days, banks are more careful about determining how credit worthy is the applicant. And they adjust the interest rate accordingly.
In other words, the banks will increase the interest rate as the Credit Score of the applicant goes down.
65 year old from Rochester, NY
You may want to consider a Home Equity Conversion product - they are only available in a few states, but some of them allow a person to use a wider range of asset - such as commercial property, so they may allow the land value - you'd have to ask.
You can read about them on this site.
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.