What are the different types of reverse mortgages available?

The most common reverse mortgage is the Home Equity Conversion Mortgage (HECM). These mortgages are federally insured and regulated by the U.S. Department of Housing and Urban Development (HUD). Individual lenders may also offer proprietary reverse mortgages available in certain states. Because proprietary loans are not federally-insured, the lenders have more flexibility to set their terms including lower borrower age requirements or higher loan amounts. Reverse mortgages are available in all states, but specific rules and regulations can vary, affecting the availability of different types of loans and the terms offered.