Home Equity Conversion Mortgages (HECMs)
These federally insured loans, for homeowners 62 and older, are the most popular. The older the homeowner and the more valuable the home, the bigger the loan can be—up to a federally set limit.

Single-Purpose Reverse Mortgages
Some states and local governments offer these for specific uses, such as home repair, and often only to low- or moderate-income borrowers.

“Proprietary” Reverse Mortgages
Developed by private companies, these are usually the most expensive, but on some higher-valued homes, they may provide larger loan amounts.