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Home > Types of Reverse Mortgage
Some background on the types
of Reverse Mortgage loan plans
The first FHA Senior Citizen Reverse Mortgage was closed in November, 1989. For the next 16 or 17 years there were only 2 types of Reverse Mortgages available. However, the last 2 years have seen a huge increase in the number of Reverse Mortgage plans offered—a total of 22 in November 2007, according to the president of the National Reverse Mortgage Lenders Association, with more expected in the near future.
The most popular Reverse Mortgage is still one of the two original types offered—the Home Equity Conversion Mortgage (HECM).
