 TITLE: What Is a Reverse Mortgage? CONTENT: Types of Reverse Mortgages\n--------------------------\nThere are three types of reverse mortgages:\n1.  **Single-Purpose Reverse Mortgage**: Nonprofit organizations or state and local government agencies sometimes offer this type of reverse mortgage. The lender restricts the purposes the mortgage proceeds can be used for. For instance, you might be able to use a single-purpose reverse mortgage only to pay your property taxes or to make improvements to the home.\n2.  **Home Equity Conversion Mortgage**: This is the most popular type of reverse mortgage and offers the most flexibility. HECMs are insured by the Federal Housing Administration (FHA) and are limited to a maximum of $725,525 as of 2019. The proceeds of the loan can be used for any purpose you want.\n3.  **Proprietary Reverse Mortgage**: If your home is worth more than $725,525, or if your home doesn't meet the FHA standards for a HECM, you may want to look into a proprietary reverse mortgage. Offered by private lenders, these loans can be used for any purpose, and there's no limit on the amount you can borrow. END