{"id":6329,"date":"2023-08-09T15:32:45","date_gmt":"2023-08-09T15:32:45","guid":{"rendered":"https:\/\/griffinfunding.com\/?p=6329"},"modified":"2025-05-08T20:41:51","modified_gmt":"2025-05-08T20:41:51","slug":"what-are-the-three-types-of-reverse-mortgages","status":"publish","type":"post","link":"https:\/\/griffinfunding.com\/blog\/mortgage\/what-are-the-three-types-of-reverse-mortgages\/","title":{"rendered":"What Are the 3 Types of Reverse Mortgages?"},"content":{"rendered":"<p>With a <a href=\"https:\/\/griffinfunding.com\/traditional-mortgages\/reverse-mortgage\/\">reverse mortgage<\/a>, you can grow your income with a loan you don&#8217;t have to repay until you sell the property or pass away. <span style=\"font-weight: 400;\">These types of loans are <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/bank-statement-loans\/retirement-mortgages\/\"><span style=\"font-weight: 400;\">great options for retirees<\/span><\/a><span style=\"font-weight: 400;\"> who meet the eligibility requirements.<\/span><\/p>\n<p>Learning about the different types of reverse mortgages that are available can help you find the right option based on your needs. If you&#8217;re 62 or older and own your home, a reverse mortgage can help you continue to pay for your lifestyle when you&#8217;re no longer working.<\/p>\n<p>So what are the three types of reverse mortgages, and which one is right for you? Keep reading to learn more about reverse mortgages, how they work, who qualifies, and the options available.<\/p>\n<div id=\"key_takeaways\"><h3>KEY TAKEAWAYS<\/h3><ul>\n<li aria-level=\"1\">A reverse mortgage can help supplement your income or pay for larger expenses in retirement.<\/li>\n<li aria-level=\"1\">There are three types of reverse mortgages: home equity conversion mortgage (HECM), single-purpose, and proprietary reverse mortgages.<\/li>\n<li aria-level=\"1\">HECMs are the most common type of reverse mortgage because they&#8217;re insured by the federal government. However, they can be more costly than other options.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Talking to a lender can help you determine if you qualify for a reverse mortgage and <\/span><span style=\"font-weight: 400;\">assist you in finding<\/span><span style=\"font-weight: 400;\"> the right option based on your needs.<\/span><\/li>\n<\/ul>\n<\/div>\n<h2>What Is a Reverse Mortgage?<\/h2>\n<p><span style=\"font-weight: 400;\">A <\/span><a href=\"https:\/\/www.consumerfinance.gov\/ask-cfpb\/what-is-a-reverse-mortgage-en-224\/\"><span style=\"font-weight: 400;\">reverse mortgage<\/span><\/a> is a financing product that allows borrowers to pull the equity they\u2019ve accumulated out of their home, and receive payments that they can use to purchase a new home, fund repairs, pay for miscellaneous expenses, and so on. It&#8217;s like a <a href=\"https:\/\/griffinfunding.com\/traditional-mortgages\/home-equity-loans\/\">home equity loan<\/a>, which allows you to tap into your equity. However, unlike home equity loans, reverse mortgages are designed for homeowners over the age of 62, allowing them to use their homes as collateral and tap into their existing equity.<\/p>\n<p>Like <span style=\"font-weight: 400;\">with <\/span>a <a href=\"https:\/\/griffinfunding.com\/traditional-mortgages\/\">traditional mortgage<\/a>, you can borrow money using the home as security with the title remaining in your name. These loans can help retirees pay for healthcare expenses, other mortgages, rent, and other investments, acting as an additional source of income.<\/p>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:641,&quot;3&quot;:{&quot;1&quot;:0},&quot;10&quot;:1,&quot;12&quot;:0}\"><div class=\"cta_banner\" style=\"background:url(https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/04\/Catbanner2.jpg)\"><h3>With a simple 10-step mortgage process, Griffin Funding strives to make applying and securing a home loan easy, transparent, and quick.<\/h3><a href=\"https:\/\/griffinfunding.com\/full-page-form-quick-quote\/\/\">Get Started<\/a><\/div><\/span><\/p>\n<p>What makes a reverse mortgage stand out from any other <a href=\"https:\/\/griffinfunding.com\/blog\/mortgage\/types-of-home-loans\/\">type of home loan<\/a> is that you don&#8217;t pay it back in monthly installments. Instead, repayment only happens once the borrower passes away, sells the home, or is no longer living there.<\/p>\n<p>It&#8217;s important to note that with most home loans, the amount you owe decreases over time because the borrower makes monthly payments. However, with a reverse mortgage, there are no monthly payments. Therefore, the amount owed will increase over time.<\/p>\n<p>These loans are best suited for individuals who have significant home equity but don&#8217;t make enough retirement income or want <span style=\"font-weight: 400;\">to <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/dscr-loans\/how-to-build-a-real-estate-portfolio\/\"><span style=\"font-weight: 400;\">grow their wealth<\/span><\/a><span style=\"font-weight: 400;\"> when <\/span>they&#8217;re no longer working.<\/p>\n<p>With reverse mortgages, there are no income requirements, and the money you receive is tax-free, meaning even though a reverse mortgage can supplement your income, it won&#8217;t be taxed like it. Even better is the fact that the funds from a reverse mortgage can be used for anything, from covering medical bills to <a href=\"https:\/\/griffinfunding.com\/blog\/mortgage\/debt-consolidation-calculator\/\"><span style=\"font-weight: 400;\">paying off debt<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2>How Does a Reverse Mortgage Work?<\/h2>\n<p>A reverse mortgage works similarly to any other type of mortgage in that you&#8217;ll be responsible for paying origination fees, <a href=\"https:\/\/griffinfunding.com\/blog\/mortgage\/how-much-are-closing-costs\/\"><span style=\"font-weight: 400;\">closing costs<\/span><\/a><span style=\"font-weight: 400;\">,<\/span> and insurance, depending on the type of reverse mortgage you have. However, the key difference is that with a reverse mortgage you\u2019ll be receiving payments rather than paying off a mortgage.<\/p>\n<p><span style=\"font-weight: 400;\">Unfortunately, you won\u2019t always be able to borrow the full amount of your home equity. Even if your home is paid off, the loan amount will depend on factors like<\/span><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Your age<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Current <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/mortgage\/how-does-mortgage-interest-work\/\"><span style=\"font-weight: 400;\">interest rates<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/griffinfunding.com\/blog\/mortgage\/reverse-mortgage-loan-limits\/\">Loan limits<\/a>\u00a0(if applicable)<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The home\u2019s overall value<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">If you are older, you may be able to qualify for higher loan amounts, especially when interest rates are low.<\/span><\/p>\n<p>Once approved for the loan, you won&#8217;t be required to pay it back as long as you continue to live in the home. They&#8217;re only repaid in full once the borrower passes away, sells the home, or moves out of the home. If you pass away, your heirs will either pay back the loan or give the title of the home to the lender, allowing them to sell the home to cover the balance and keep anything else earned. Your heirs can also refinance the reverse mortgage to make monthly installments.<\/p>\n<p><span style=\"font-weight: 400;\">How borrowers receive the funds depends <\/span><span style=\"font-weight: 400;\">on the reverse mortgage option they choose<\/span><span style=\"font-weight: 400;\">. For instance, you may get it as a line of credit that allows you access to funds only when necessary. This option is the most popular, but it\u2019s only available as an <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/mortgage\/adjustable-rate-mortage-vs-fixed-rate-mortgage\/\"><span style=\"font-weight: 400;\">adjustable-rate mortgage<\/span><\/a><span style=\"font-weight: 400;\">. You can also choose to receive the money as a monthly payout or lump sum.<\/span><\/p>\n<p>With a reverse mortgage, your balance will increase over time because you&#8217;re not making any payments. With some types of reverse mortgages, you may be required to pay the difference if the balance exceeds your home&#8217;s value.<\/p>\n<p>Borrowers will also be responsible for continuing to pay <a href=\"https:\/\/griffinfunding.com\/blog\/mortgage\/what-is-property-tax\/\">property taxes<\/a>, homeowners insurance, and HOA fees. If you fail to make these payments, you can still lose your home through foreclosure.<\/p>\n<p><span style=\"font-weight: 400;\">A reverse mortgage is a good alternative to higher-interest loans or lines of credit. For instance, the interest rate on a reverse mortgage<\/span><span style=\"font-weight: 400;\"> tends to be<\/span><span style=\"font-weight: 400;\"> much lower than a personal loan or credit card, making it a viable option for supplementing income or paying for significant expenses.<\/span><\/p>\n<p>For those who want to access their home\u2019s equity without touching their first mortgage, we also offer a specialized\u00a0<a href=\"https:\/\/griffinfunding.com\/mortgage-solutions\/reverse-second-mortgage\/\">reverse second mortgage<\/a>\u00a0option. With a reverse second mortgage, you don\u2019t have to replace your primary home loan, allowing you to keep your current rate and terms.<\/p>\n<h2>Who Qualifies for a Reverse Mortgage?<\/h2>\n<p><span style=\"font-weight: 400;\">Unfortunately, not all homeowners and borrowers qualify for a reverse mortgage. They\u2019re primarily designed for individuals at least 62 years of age, and the property must be their primary residence, so it can\u2019t be an <\/span><a href=\"https:\/\/griffinfunding.com\/traditional-mortgages\/investment-property-loans\/\"><span style=\"font-weight: 400;\">investment property<\/span><\/a><span style=\"font-weight: 400;\">, second home, or vacation home.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-6331\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/08\/image2-4.jpg\" alt=\"An older man in a light blue collared shirt and glasses sits at a table and reads over a document attached to a clipboard.\" width=\"1368\" height=\"912\" srcset=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/08\/image2-4.jpg 1368w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/08\/image2-4-300x200.jpg 300w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/08\/image2-4-1024x683.jpg 1024w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/08\/image2-4-768x512.jpg 768w\" sizes=\"auto, (max-width: 1368px) 100vw, 1368px\" \/><\/p>\n<p>To qualify for a reverse mortgage, borrowers must meet the following criteria:<\/p>\n<ul>\n<li aria-level=\"1\">You&#8217;ve paid a certain percentage of your mortgage or outright own the property.<\/li>\n<li aria-level=\"1\">The home is your primary residence.<\/li>\n<li aria-level=\"1\">You are at least 62 years old.<\/li>\n<li aria-level=\"1\">You aren&#8217;t delinquent on federal debt.<\/li>\n<li aria-level=\"1\">You agree to use some funds to pay for taxes, insurance, HOA fees, and maintenance.<\/li>\n<li aria-level=\"1\">Your house is in good shape.<\/li>\n<\/ul>\n<p>The requirements also vary by loan type. For instance, with a home equity conversion mortgage (HECM) insured by the Department of Housing and Urban Development, which we&#8217;ll discuss more in-depth later, borrowers must have reverse mortgage counseling to ensure they make the right decision.<\/p>\n<p>The HECM loan also requires a financial assessment to ensure you meet the financial obligations of the loan and can comfortably repay it.<\/p>\n<p>Eligible borrowers should be prepared to provide proof of income and assets when applying for a reverse mortgage since lenders want to make sure you can afford to repay the loan at one point or another.<br \/>\n<div class=\"cta_banner gold_cta\" style=\"background:url(https:\/\/griffinfunding.com\/wp-content\/uploads\/2024\/02\/gold-background-1.png)\"><h3>Download the Griffin Gold app today!<\/h3><p>Take charge of your financial wellness and achieve your homeownership goals <br><br>\r\nUse invitation code: <b>GRIFGOLD<\/b> to register.<\/p><div class=\"stores\"><a href=\"https:\/\/apps.apple.com\/us\/app\/griffin-gold\/id6460034387\"><img decoding=\"async\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2024\/02\/apple-icon.svg\" \/><\/a><a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.griffinfunding.gold\"><img decoding=\"async\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2024\/02\/google-store.svg\" \/><\/a><\/div><\/div>\n<h2>What Are the Different Types of Reverse Mortgages? 3 Reverse Mortgage Options<\/h2>\n<p>Reverse mortgages can help older individuals supplement their income by giving them access to cash when they need it most. But what are the different types of reverse mortgages? <span style=\"font-weight: 400;\">There are three reverse mortgage options:\u00a0<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Federally-insured home equity conversion mortgage (HECM)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Single-purpose reverse mortgage<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Proprietary reverse mortgage<\/span><\/li>\n<\/ol>\n<p>While they all allow you to tap into your home&#8217;s equity, they differ in several ways. Let&#8217;s take a closer look at each to help you understand your reverse mortgage options.<\/p>\n<h3>Home equity conversion mortgage (HECM)<\/h3>\n<p><a href=\"https:\/\/www.hud.gov\/program_offices\/housing\/sfh\/hecm\/hecmhome\"><span style=\"font-weight: 400;\">Home equity conversion mortgages<\/span><\/a><span style=\"font-weight: 400;\"> (HECMs) are federally insured by HUD. They\u2019re a popular option, but they typically come with higher upfront costs. However, this type of<\/span><span style=\"font-weight: 400;\"> reverse<\/span><span style=\"font-weight: 400;\"> mortgage program doesn\u2019t have income limitations, so anyone over the age of 62 years old may qualify. In addition, like other reverse mortgage types, the HECM loan can be used for any expense.<\/span><\/p>\n<p>The HECM stands out because HUD requires counseling before you can apply for the loan. Counseling is designed to protect the borrower by ensuring they&#8217;re aware of the costs, payment options, and their responsibilities for repaying the loan. In addition, this counseling can allow you to learn about alternatives if you need access to your home&#8217;s equity.<\/p>\n<p><span style=\"font-weight: 400;\">Once you\u2019ve completed counseling, you can learn about your loan amount. The most you can borrow with a HECM loan is <\/span><a href=\"https:\/\/www.hud.gov\/sites\/dfiles\/OCHCO\/documents\/2024-22hsgml.pdf\"><span style=\"font-weight: 400;\">$1,209,750 in 2025<\/span><\/a><span style=\"font-weight: 400;\">. How much you can actually borrow depends on your age, the value of the property, and current interest rates. The higher the interest rates, the lower your loan amount. However, you can borrow more if you\u2019re older with higher equity.<\/span><\/p>\n<p>You&#8217;ll also have different payment options available, including a line of credit, monthly cash advances, and a lump sum. You can determine which is right for you during your counseling session, but if you want to change it, HUD allows you to change your payment option for a low fee when needed.<\/p>\n<p>To qualify for this type of reverse mortgage, you&#8217;ll need to be at least 62 years old and have enough equity in your home. In addition, you&#8217;ll need to have a mortgage balance that is low enough to be paid off with the loan or own the property outright.<\/p>\n<p>Of course, like all mortgages, HECMs have their pros and cons. These loans can benefit retirees on limited or fixed incomes by allowing them to gain access to the equity in their homes without financing new monthly payments. They also offer flexibility in the form of repayment options, so you will only have to repay the loan once you sell the home, move, or pass away.<\/p>\n<p>On the other hand, a HECM can be expensive because it has higher interest rates than traditional mortgages. And, since the amount you can borrow depends on the value of the home, you may get less money if your home value decreases.<\/p>\n<h3>Single-purpose reverse mortgage<\/h3>\n<p>Single-purpose reverse mortgages are provided by nonprofits and state and local governments. These reverse mortgages are designed to be inexpensive because they&#8217;re backed by the government and nonprofits.<\/p>\n<p>Because local agencies back this type of reverse mortgage, lenders get a certain level of security, which translates to lower interest rates and fees for borrowers. Unfortunately, single-purpose reverse mortgages are the least common because these options don&#8217;t exist in every state.<\/p>\n<p>While these loans are similar to home equity loans, single-purpose loans limit how the funds can be used. Ultimately, the funds can only be used for a single purpose, hence the name of this reverse mortgage type.<\/p>\n<p>When you take out one of these loans, you can only use the funds for a single item approved by your lender, which can be anything from medical bills to home renovations. However, it can&#8217;t be used for more than one purpose.<\/p>\n<p>Like other reverse mortgage types, single-purpose reverse mortgages don&#8217;t have to be repaid until the borrower passes away, moves to another primary residence, or sells the home.<\/p>\n<p>The eligibility criteria for these mortgages will vary by lender, but in general, you must have enough equity in your home to cover the loan amount and be at least 62 years old.<\/p>\n<p>While this loan can benefit borrowers who need to pay for a single item, there are better options for those needing ongoing financing access.<\/p>\n<h3>Proprietary reverse mortgage<\/h3>\n<p>The proprietary reverse mortgage is offered by private lenders and is not backed by a federal, local, or state agency. As such, these loans are best suited for individuals whose homes are appraised at higher values and who want to supplement their retirement income.<\/p>\n<p>Borrowers may qualify for a proprietary reverse mortgage if their property is worth more than the limit for HECMs. The lower your mortgage balance, the more you can access. However, some lenders may require counseling to help you determine whether this loan option is the best for you based on your unique circumstances.<\/p>\n<p>Like a HECM, payment options include lump sum or monthly payments. However, because these loans are not federally insured, they have fewer costs, which may allow you to borrow more.<\/p>\n<p>In most cases, these loans are best suited for individuals who don&#8217;t qualify for a HECM. The qualifications are the same, but there&#8217;s no counseling requirement. Additionally, these loans allow lenders to exceed the HECM loan limit, so they&#8217;re ideal for borrowers with a high-value property who want to access more cash.<\/p>\n<h2>How Do I Know Which Reverse Mortgage Type Is Right for Me?<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-6332\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/08\/image3-6.jpg\" alt=\"An older man with white hair and a light blue collared shirt sits on a couch and reviews a reverse mortgage application with pen in hand. \" width=\"1368\" height=\"912\" srcset=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/08\/image3-6.jpg 1368w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/08\/image3-6-300x200.jpg 300w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/08\/image3-6-1024x683.jpg 1024w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2023\/08\/image3-6-768x512.jpg 768w\" sizes=\"auto, (max-width: 1368px) 100vw, 1368px\" \/><\/p>\n<p>Which reverse mortgage option is right for you will largely depend on your needs. The three reverse mortgage types are designed for different types of borrowers. For instance, a single-purpose reverse mortgage might be your best option if you&#8217;re looking for a fixed amount to cover a specific bill. Meanwhile, if you want to supplement your income and be able to access your home&#8217;s equity to pay for a variety of items, you may choose a HECM or proprietary reverse mortgage.<\/p>\n<p>HECM is the most common of the three reverse mortgage types because it&#8217;s government-insured. However, you may prefer a proprietary reverse mortgage if you have a high-value property and want to tap into more equity since the eligibility requirements are the same.<\/p>\n<p>Reverse mortgages can help borrowers supplement their income during retirement and can be used for anything from medical expenses to home improvements. Since the funds you receive are not considered taxable income, you won&#8217;t be taxed the same. However, you will incur monthly interest that rolls into the loan balance.<\/p>\n<p>It&#8217;s important to understand that reverse mortgages aren&#8217;t right for every type of borrower. For instance, with these types of loans, your heirs may be unable to keep the home, which may have sentimental value. In addition, if you live with someone else, you may create potential issues.<\/p>\n<p>If your family wants to take possession of the home when it&#8217;s time to repay the reverse mortgage, they must pay off the loan with their own money or get a new mortgage to cover the balance owed. Unfortunately, this can be significant since interest will be accruing every month, making it more challenging for heirs to pay off if they want to keep the home.<\/p>\n<p>There are also some situations when a reverse mortgage isn&#8217;t your best option. These include:<\/p>\n<ul>\n<li aria-level=\"1\"><b>You want to move: <\/b>If you plan to move soon, a reverse mortgage is not a good option because you&#8217;ll be responsible for repaying the loan balance when the property is no longer your primary residence. Instead, these loans are best for homeowners who plan to stay in their homes for many years to come.<\/li>\n<li aria-level=\"1\"><b>You can&#8217;t afford the costs: <\/b>A reverse mortgage can help supplement your income and pay for larger expenses, but that doesn&#8217;t mean they&#8217;re free loans. When you take out a reverse mortgage, you&#8217;re responsible for closing costs, maintenance expenses, homeowners insurance, property taxes, and HOA fees that can make these loans much more expensive than you&#8217;d think. If you fall behind on these payments, a lender may require you to repay your loan balance in full, putting even more strain on your finances.<\/li>\n<li aria-level=\"1\"><b>Your family wants to keep the home: <\/b>A reverse mortgage can complicate the process of passing your home on to family members. If you don&#8217;t leave them enough money or they don&#8217;t have enough to pay off the loan, your heirs might have to pass the title to the lender or take out another mortgage loan to pay off your loan principal. If they don&#8217;t get a loan, they may have to sell the house to pay off the remaining balance.<\/li>\n<\/ul>\n<h2><b>Reverse Mortgage Alternatives<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">If a reverse mortgage isn\u2019t the right choice for you, we offer several other loan options that allow you to access your home\u2019s equity to increase your cash flow in retirement. Some of the options include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/griffinfunding.com\/traditional-mortgages\/home-equity-loans\/\"><b>Home equity loan<\/b><\/a><span style=\"font-weight: 400;\">: A home equity loan (HELOAN), also referred to as a second mortgage, is a type of loan that\u2019s secured by the equity you\u2019ve built in your home. A HELOAN allows you to tap into your equity without altering the rate of your primary mortgage and can be a good option if you need upfront capital to cover big expenses.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/griffinfunding.com\/non-qm-mortgages\/heloc\/\"><b>Home equity line of credit<\/b><\/a><span style=\"font-weight: 400;\">: A home equity line of credit (HELOC) is secured by the equity in your home and functions like a credit card. During the draw period, you can withdraw money on an as-needed basis, up to the limit set by your lender. Once the repayment period begins, you pay back what you ended up borrowing along with interest. This can be a good option if you need money for ongoing expenses, such as medical treatment or home renovation projects.<\/span><\/li>\n<li><a href=\"https:\/\/griffinfunding.com\/mortgage-solutions\/reverse-second-mortgage\/\"><strong>Reverse second mortgage<\/strong><\/a>: A reverse second mortgage is similar to a traditional reverse mortgage, but with a few key differences. The primary difference is that a reverse second mortgage allows borrowers to tap into their home\u2019s equity and experience the same benefits of a traditional second mortgage but without touching their first home loan. Reverse second mortgages allow borrowers to preserve their interest rate and secure a fixed-rate on the second mortgage, while allowing for more flexibility when it comes to age requirements.<\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Cash-out refinance<\/b>: With a cash-out refinance, you replace your current mortgage with a bigger loan and pocket the cash difference. A cash-out refinance typically offers a better rate compared to a HELOAN, but you\u2019ll have to give up the rate on your current mortgage in order to secure this type of loan.<\/li>\n<\/ul>\n<h2>See If You Qualify for a Reverse Mortgage Loan<\/h2>\n<p><span style=\"font-weight: 400;\">A reverse mortgage can supplement your retirement income by allowing you to tap into your home\u2019s equity. If you\u2019re wondering whether a reverse mortgage is right for you, contact Griffin Funding today. We can help you determine whether you qualify for a reverse mortgage and help you choose the right type<\/span><span style=\"font-weight: 400;\"> of reverse mortgage<\/span><span style=\"font-weight: 400;\"> based on your needs and preferences.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Want to learn more? Explore the tools we offer to help you reach your homeownership goals. Download the <\/span><a href=\"https:\/\/gold.griffinfunding.com\/pfm\/registration\/invite?key=1c204fd9-839b-4775-aed1-9844766b60a6\"><span style=\"font-weight: 400;\">Griffin Gold<\/span><\/a><span style=\"font-weight: 400;\"> app to compare your mortgage options, manage your finances, and get personalized support from a mortgage professional.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If a reverse mortgage isn\u2019t the right choice for you, we offer several other loan options that allow you to access your home\u2019s equity to increase your cash flow in retirement, such as <\/span><a href=\"https:\/\/griffinfunding.com\/non-qm-mortgages\/heloc\/\"><span style=\"font-weight: 400;\">home equity lines of credit<\/span><\/a><span style=\"font-weight: 400;\"> (HELOCs) and <\/span><a href=\"https:\/\/griffinfunding.com\/traditional-mortgages\/home-equity-loans\/\"><span style=\"font-weight: 400;\">home equity loans<\/span><\/a><span style=\"font-weight: 400;\"> (HELOANs). <\/span><span style=\"font-weight: 400;\">Working with one of our experienced mortgage specialists can help you determine the right option for you and your family. <\/span><span style=\"font-weight: 400;\">Reach out today to explore your options and <a href=\"#popmake-6804\">get started on your mortgage journey<\/a>.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With a reverse mortgage, you can grow your income with a loan you don&#8217;t have to repay until you sell the property or pass away. These types of loans are great options for retirees who meet the eligibility requirements. Learning about the different types of reverse mortgages that are available can help you find the<a class=\"moretag\" href=\"https:\/\/griffinfunding.com\/blog\/mortgage\/what-are-the-three-types-of-reverse-mortgages\/\">&#8230;<\/a><\/p>\n","protected":false},"author":2,"featured_media":6330,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[100],"tags":[],"class_list":["post-6329","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The 3 Types of Reverse Mortgages: A Guide | Griffin Funding<\/title>\n<meta name=\"description\" content=\"Discover the 3 main types of reverse mortgages, how they work, and 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