| Comparing Major
Types of Reverse Mortgages |
| |
Single Purpose |
Federally Insured |
Proprietary |
| Can be used for |
property taxes, home repairs |
any purpose |
any purpose |
| Availability |
varies |
throughout the US |
varies |
| Income eligibility |
most limited to low income |
no income limit |
no income limit |
| Loan-advance types |
tied to permitted uses |
all types |
generally most types |
| Loan-advance amounts |
generally the smallest |
generally the largest |
largest on high relative-value homes only |
| Cost is generally |
low |
moderate |
high |
| Offered by |
state and local governments |
banks and mortgage companies |
banks and mortgage companies |
| Backed by |
state and local governments |
federal government (FHA) |
private companies |
