Different Products

I have heard there are over 6 types of Reverse Mortgages? What are they and what are the differences?

I've heard of HECM (Home Equity Conversion Mortgage) and HomeKeeper by Fannie Mae not sure what the other are. Maybe someone else knows. I think the HECM is the most popular it is the one guaranteed by FHA/HUD.

I had no idea there were 6 different types of loans I'd like to know more myself

I've only used the FHA HECM reverse mortgage maybe someone else knows the others.

The Private Cash account reverse mortgage is usually reserved for homes worth over $500,000. This type of reverse mortgage offers a growing credit line, flexible payment options, and often comes with higher closing costs.

The majority of reverse mortgages are Home Equity Conversion Mortgages. This type of loan is guaranteed by HUD and the Federal Housing authority, and may include a line of credit, which can appreciate, provide various payment options and a maximum loan limit that varies by location.

The Homekeeper reverse mortgage from Fannie Mae also includes a maximum lending limit, but does not offer growing credit limits. This reverse mortgage is guaranteed by Fannie Mae, and often comes with lower closing costs than HUD reverse mortgages.