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Are there different types of reverse mortgage products?

There are two basic types of reverse mortgage products:

  • Proprietary products offered under lender-specific criteria.
  • Reverse mortgage products, insured by the Federal Housing Administration (FHA), called "home equity conversion mortgages," or HECM. HECMs account for the vast majority of all reverse mortgages.

If additional funds are needed for particular circumstances, other options may enable the homeowners to stay in the house that do not involve HECMs. For example, homeowners may be able to obtain a deferred payment loan (DPL). Many local and state government agencies offer DPLs for making basic repairs for low- and moderate-income homeowners. The programs may have eligibility requirements and are offered for basic repair of the roof, wiring, plumbing, or possibly for structures, such as porches and stairs. DPLs are usually the least costly option. Another option is to inquire about whether the state offers property tax deferrals.

Last Reviewed: September 2020

Please note: The terms "bank" and "banks" used in these answers generally refer to national banks, federal savings associations, and federal branches or agencies of foreign banking organizations that are regulated by the Office of the Comptroller of the Currency (OCC). Find out if the OCC regulates your bank. Information provided on HelpWithMyBank.gov should not be construed as legal advice or a legal opinion of the OCC.

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