What Types of Reverse Mortgages Are There?

The three types of reverse mortgages are:

  • Single Purpose: This reverse mortgage is offered by state and local government agencies, as well as some non-profit organizations.
  • Federally-Insured: This reverse mortgage type (also called HECM) is backed by the federal government.
  • Proprietary: This is a private loan backed by an individual mortgage company.