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Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage or HECM, and is only available through an FHA approved lender.

Reverse mortgages are underwritten solely based on the value of the home, the equity the borrower has in the home and the life expectancy of the borrower- The borrower does not have to verify any particular credit score or income. This type of loan can now be used for purchases made by seniors 62 or older. In many cases it becomes the only viable\le way for people to retire. The fact that no payment is due while the primary resident resides in the property, the main reason to use a reverse is when people have a large down payment, but cannot evidence enough income or credit to qualify for the loan.