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Types of Reverse Mortgages
There are three main types of reverse mortgages:
- Home Equity Conversion Mortgages (HECMs): These are federally insured and the most common type of reverse mortgage. They offer flexible payment options and are widely available through FHA-approved lenders.
- Proprietary Reverse Mortgages: These are private loans backed by the companies that develop them. They are suitable for homeowners with high-value properties that exceed HECM limits.
- Single-Purpose Reverse Mortgages: Offered by some state and local government agencies or non-profits, these are the least expensive option and are designed for specific purposes, such as home repairs or property taxes2.