There are different types of reverse home mortgages, and each one fits a various financial need - how much is mortgage tax in nyc for mortgages over 500000:oo. The most popular kind of reverse mortgage, these federally-insured home loans usually have greater upfront costs, but the funds can be used for any function. Although commonly available, HECMs are just used by Federal Real estate Administration (FHA)- authorized lending institutions, and before closing, all debtors need to receive HUD-approved therapy.You can typically get a bigger loan advance from this kind of reverse mortgage, particularly if you have a higher-valued house. This home loan is not as typical as the other two, and is usually offered by not-for-profit companies and state and city government firms. Customers can just use the loan (which is normally for a much smaller amount) to cover one specific purpose, such as a handicap accessible remodel, explains Jackie Boies, a senior director of housing and personal bankruptcy services for Cash Management International, a not-for-profit debt counselor based in Sugar Land, Texas.