Of course you can take less! Simply tell your loan officer that you only need a certain amount or that you are not interested in withdrawing the full amount for which you qualify. Be aware however, that choosing to do this will only reduce some of your loan costs. The costs which will be reduced if you take less are the interest rate on the mortgage and the monthly mortgage insurance premium. All other loan fees stay the same, including the origination and servicing fees. Basically, using Reverse Mortgage to borrow a small amount of money would be an expensive way to take out a loan so think carefully about this before doing this.