The three basic types of reverse mortgage are:

Single-Purpose Reverse Mortgages, which are offered by some state and local government agencies and nonprofit organizations.
Federally-Insured Reverse Mortgages, which are known as Home Equity Conversion Mortgages (HECMs), and are backed by the U. S. Department of Housing and Urban Development (HUD).
Proprietary Reverse Mortgages, which are private loans that are backed by the companies that develop them.
Single-purpose reverse mortgages generally have very low costs. But they are not available everywhere, and they only can be used for one purpose specified by the government or …

A few basics that one should know about reverse mortgage loans are as follows:
1. Owners of residency must be at least 62 years of age and must be the primary resident to apply for the loan.

2. Owners are still responsible to pay taxes and insurance.
3. Reverse Mortgage loans have no affect on your retirement earnings. The monthly payments are for your equity and are not considered earned income. This typically means that you do not pay taxes on the monthly payments that you receive.
4. With most reverse mortgage loans, the …