There are four distinct types of reverse mortgages: the standard FHA-insured HECM, HECM for Purchase (for buying a new home), proprietary or "jumbo" reverse mortgages from private lenders, and single-purpose reverse mortgages from state and local agencies. Each has different eligibility requirements, cost structures, and consumer protections. Choosing the wrong type can mean leaving money on the table or missing protections you need.

A Step-by-Step Walkthrough by REVERSE MORTGAGE SPECIALIST Introduction If you've read the basics of what a reverse mortgage is, you may still have one fundamental question: how does it actually work? How does money flow from the lender to you? Where does the interest come from? When does the loan come due, and what happens then? What does the process actually look like from the day you first inquire to the day funds hit your bank account? This article walks through the mechan

A reverse mortgage is the financial tool designed to change that. It allows qualifying homeowners to convert a portion of their home equity into cash - without selling the home, without making monthly mortgage payments, and without giving up ownership.