Mortgage for Home Equity Conversion (HECM)
the most typical kind of reverse mortgage currently. HECMs are federally guaranteed by the Federal Housing Administration, setting them apart from private reverse mortgages (sometimes known as “proprietary” reverse mortgages) (FHA).

Homeowners Insurance
Covers losses and property damage in an emergency, like a fire or burglary. It may be possible to add this coverage since earthquake and flood damage is not typically covered by standard homeowners insurance. Borrowers with a HECM loan must maintain homeowners insurance in addition to the mortgage insurance required with a reverse mortgage loan. Homeowners insurance is also commonly referred to as “hazard insurance.”