There are various kinds of reverse home mortgages, and every one fits a various monetary requirement - what beyoncé and these billionaires have in common: massive mortgages. The most popular type of reverse home mortgage, these federally-insured home loans typically have greater upfront costs, but the funds can be used for any purpose. Although extensively available, HECMs are just used by Federal Housing Administration (FHA)- approved lending institutions, and before closing, all borrowers should get HUD-approved therapy.You can generally get a larger loan advance from this kind of reverse home mortgage, particularly if you have a higher-valued house. This home mortgage is not as common as the other 2, and is usually provided by nonprofit organizations and state and city government agencies. Debtors can only utilize the loan (which is normally for a much smaller sized quantity) to cover one specific function, such as a handicap available remodel, describes Jackie Boies, a senior director of real estate and bankruptcy services for Cash Management International, a not-for-profit financial obligation counselor based in Sugar Land, Texas.