There are various kinds of reverse home mortgages, and every one fits a different financial requirement - what is the best rate for mortgages. The most popular kind of reverse home mortgage, these federally-insured mortgages typically have greater in advance expenses, but the funds can be used for any function. Although widely readily available, HECMs are just provided by Federal Housing Administration (FHA)- authorized lenders, and prior to closing, all debtors should receive HUD-approved counseling.You can usually get a larger loan advance from this type of reverse mortgage, particularly if you have a higher-valued home. This mortgage is not as common as the other 2, and is normally used by nonprofit organizations and state and city government companies. Customers can just use the loan (which is typically for a much smaller sized amount) to cover one particular purpose, such as a handicap accessible remodel, explains Jackie Boies, a senior director of housing and personal bankruptcy services for Finance International, a not-for-profit debt counselor based in Sugar Land, Texas.