There are various types of reverse home loans, and every one fits a various financial requirement - who took over abn amro mortgages. The most popular type of reverse home loan, these federally-insured home mortgages generally have greater upfront expenses, but the funds can be utilized for any function. Although widely readily available, HECMs are just used by Federal Housing Administration (FHA)- approved lenders, and before closing, all customers should get HUD-approved counseling.You can normally receive a larger loan advance from this kind of reverse mortgage, particularly if you have a higher-valued house. This mortgage is not as typical as the other two, and is normally used by not-for-profit organizations and state and city government companies. Customers can only use the loan (which is typically for a much smaller amount) to cover one particular purpose, such as a handicap accessible remodel, explains Jackie Boies, a senior director of real estate and personal bankruptcy services for Finance International, a nonprofit financial obligation counselor based in Sugar Land, Texas.