This was surprisingly scary! After the first time, I didn't see the reaper for ages, and started to feel safe, then he suddenly showed up and really scared me. Good job!
I like the idea of giving the player dream hints as their time runs out. However, as far as I can tell, some of the dreams are not hints, but actually unlock things. That was a bit disappointing.
The lightning flashes were a really nice touch. It would be cool if they added to the fear meter, as they definitely scared me.