Some background on the types of reverse mortgage loan plans

The first FHA Home Equity Conversion Mortgage (reverse mortgage) was closed in November, 1989. 

For the next 16 or 17 years there were only 2 types of reverse mortgage available. However, the last 3 years saw a huge increase in the number of Reverse Mortgage plans offered.

At the beginning of 2009, however, the individual county lending limits changed to a national limit of $625,500, making “Jumbo” reverse mortgages nearly obsolete.

The most popular reverse mortgage is still one of the two original types offered—the Home Equity Conversion Mortgage (HECM).

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