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.