There are different kinds of reverse home mortgages, and every one fits a different financial need - what do i do to check in on reverse mortgages. The most popular type of reverse home loan, these federally-insured home mortgages typically have higher upfront expenses, but the funds can be used for any purpose. Although widely available, HECMs are just provided by Federal Housing Administration (FHA)- authorized loan providers, and prior to closing, all borrowers need to receive HUD-approved counseling.You can usually receive a larger loan advance from this type of reverse home mortgage, especially if you have a higher-valued house. This mortgage is not as common as the other 2, and is normally offered by not-for-profit organizations and state and regional government agencies. Customers can only use the loan (which is normally for a much smaller sized amount) to cover one particular function, such as a handicap accessible remodel, explains Jackie Boies, a senior director of housing and personal bankruptcy services for Cash Management International, a nonprofit debt therapist based in Sugar Land, Texas.