There are various kinds of reverse mortgages, and each one fits a different financial need - how many mortgages in one fannie mae. The most popular kind of reverse home mortgage, these federally-insured mortgages typically have greater in advance costs, but the funds can be used for any purpose. Although widely available, HECMs are only offered by Federal Housing Administration (FHA)- approved loan providers, and prior to closing, all debtors should receive HUD-approved therapy.You can generally get a larger loan advance from this kind of reverse home mortgage, specifically if you have a higher-valued house. This mortgage is not as typical as the other two, and is generally offered by nonprofit organizations and state and city government companies. Borrowers can only utilize the loan (which is usually for a much smaller sized amount) to cover one specific function, such as a handicap accessible remodel, explains Jackie Boies, a senior director of housing and bankruptcy services for Finance International, a nonprofit financial obligation therapist based in Sugar Land, Texas.