What Is The Most Common Form Of Reverse Mortgage?
Home Equity Conversion Mortgage - The most popular type of reverse mortgage is the federally-insured Home Equity Conversion Mortgage, also known as HECM.
Are all reverse mortgages FHA?
Yes. Most reverse mortgage loans today are Home Equity Conversion Mortgages (HECMs), insured by the Federal Housing Administration (FHA), which is a part of the U.S. Department of Housing and Urban Development (HUD). ...
Are there different types of reverse mortgages? - Consumer ...
What are the 3 types of reverse mortgages?
There are three kinds of reverse mortgages: single purpose reverse mortgages – offered by some state and local government agencies, as well as non-profits; proprietary reverse mortgages – private loans; and federally-insured reverse mortgages, also known as Home Equity Conversion Mortgages (HECMs).
Reverse Mortgages | FTC Consumer Information
What is the difference between a reverse mortgage and a HECM?
The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM), and is only available through an FHA-approved lender. The HECM is FHA's reverse mortgage program that enables you to withdraw a portion of your home's equity.
HUD FHA Reverse Mortgage for Seniors (HECM)
What is the most common type of reverse mortgage?
A Home Equity Conversion Mortgage (HECM), the most common type of reverse mortgage, is a special type of home loan only for homeowners who are 62 and older. A reverse mortgage loan, like a traditional mortgage, allows homeowners to borrow money using their home as security for the loan.
What is a reverse mortgage? - Consumer Financial Protection ...