3 Types of Reverse Mortgages

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If you are looking at reverse mortgages, there are several types for you to consider. Here are some of the most popular types of reverse mortgages that are available in the market.

1. Single-Purpose

One of the most common types of reverse mortgages is the single-purpose reverse mortgage. With this type of reverse mortgage, you can only use the money for a single purpose. This purpose will be determined by the lender and it will be regulated. For example, you may only be able to use the money for home repairs or property taxes.

2. Federally-Insured

Another type of reverse mortgage is the federally insured reverse mortgage. One of the most common types of federally insured reverse mortgages is the FHA home equity conversion mortgage program. To qualify for this type of mortgage, you will have to meet the requirements of the FHA. The loan will then be insured by the federal government, which is a major incentive for the lender.

3. Proprietary

The proprietary reverse mortgage is another type of loan for you to consider. The proprietary reverse mortgage is also known as a jumbo loan program. This type of loan is for properties with higher values that need access to a reverse mortgage program.