Retire Smart Compare Reverse Mortgage Lender Secrets Today

There are three main types of reverse mortgages:

• Home Equity Conversion Mortgages (HECMs): These are federally insured by the U.S. Department of Housing and Urban Development (HUD) and are the most common type of reverse mortgage. They offer flexible payment options and are available through HUD-approved lenders.
• Proprietary Reverse Mortgages: These are private loans not insured by the government. They are designed for homeowners with higher-valued homes and may offer larger loan amounts than HECMs.
• Single-Purpose Reverse Mortgages: Typically offered by state and local government agencies or nonprofit organizations, these loans are intended for specific purposes, such as home repairs or property taxes.