While there are a wide variety of reverse mortgages, only three types are nationally available. (Other reverse mortgage products and programs, mostly state and locally sponsored, tend to be for a specific purpose, e.g. solely to make repairs on your home or pay property taxes, and usually are for those who meet certain income or asset limits.)

The three primary reverse mortgage products are:

1. Home Equity Conversion Mortgage (HECM) - This is an FHA-insured (government-insured) loan, with a maximum loan amount of $362,790 (2006). The actual amount depends on your exact location, as limits vary by county. HECM is the most common reverse mortgage, accounting for 90 percent of all reverse mortgages in the United States.

2. Fannie Mae Home Keeper