There are two basic types of reverse mortgage products:
• Proprietary products offered under lender-specific criteria, and
• Reserve mortgage products, insured by the Federal Housing Administration (FHA) called “home equity conversion mortgages” or HECM. HECM’s account for approximately 90 percent of all reverse mortgages.
Another option that may be available is a deferred payment loan (DPL). Many local and state government agencies offer DPL's for making basic repairs for low income and moderate income homeowners. The programs may have eligibility requirements and are offered for basic repair of your roof, wiring, and plumbing or possibly for structures such as porches and stairs. DPL's are usually your least costly option. Some states also offer property tax deferrals.