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Six reverse mortgage programs, six different jobs

Nearly everyone means the first one. The rest exist because the first one does not fit every situation — and one of them exists entirely because so many people refinanced at 3%.

Written by Robert Erath, licensed mortgage loan originator, NMLS #297076, originating since 2004. Last reviewed September 8, 2026.

HECM — the FHA-insured reverse mortgage

Around 90% of all reverse mortgages. Federally insured, non-recourse, five ways to take the money, and the only one with a line of credit that grows. Home values up to $1,249,125.

How it works →

Jumbo & proprietary

For homes worth more than the FHA limit. Private money, no FHA insurance, no mortgage insurance premium, and some programs start at age 55 rather than 62.

What you gain and give up →

HECM for Purchase

Buy your next home with roughly half the cash and no monthly mortgage payment. One transaction, one set of closing costs. Badly underused.

How to buy this way →

Reverse second mortgage

Sits behind your existing mortgage instead of paying it off, so a 2.75% rate survives. Age 55 and up. If you refinanced during the low-rate years, start here rather than with a HECM.

Why this exists →

Refinancing an existing reverse mortgage

Worth it when values have risen sharply or rates have fallen. Not worth it most of the time — and HUD has a test that says so.

Judge an offer →

Cash today for a share of the home's future value. Not a loan, no interest, no monthly payment — and potentially the most expensive option on this page if your home appreciates well. Offered through third-party providers.

The honest version →

Side by side

Feature	HECM	Jumbo	Reverse second	Equity investment
Minimum age	62	55 on some	55	None
Maximum home value	$1,249,125	Up to $4M+	Program-set	Program-set
Pays off your first mortgage	Yes — required	Yes	No — sits behind it	No
Ends your monthly payment	Yes	Yes	No	No
FHA insured	Yes	No	No	No
Mortgage insurance premium	2% + 0.5%/yr	None	None	None
Growing line of credit	Yes	Rarely	Program-dependent	No
Cost if the home appreciates fast	Unchanged	Unchanged	Unchanged	Rises sharply
HUD counseling required	Yes	Usually	Usually	No

Also worth seeing: every route side by side, including HELOCs, cash-out refinancing and downsizing — the ones we do not sell. Or answer five questions and we will point you at the one your situation calls for.

Ask a real question, get a real answer

You do not need to be ready to apply. Most people who call are still deciding whether this is even the right idea — and quite often it isn't. You will be told so.

No credit pull to start. Nothing here touches your credit report.
You speak to Robert — not a rotating pool of call-centre reps.
Bring your family. Adult children on the call are welcome and usually a good idea.
Your information stays here. Never sold to a lead network. Ever.

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Answered by a licensed originator, usually within a few hours.

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