The most popular reverse mortgage is the federally-insured reverse mortgage, called the FHA Home Equity Conversion Mortgage Program (HECM). This program usually fits the needs of most borrowers.

The other major product is the Home Keeper reverse mortgage, developed in the mid-1990s by Fannie Mae, a private national mortgage company. The special feature of this program allows for the purchase of a residence and can also provide monthly income.

One "jumbo" private reverse mortgage product is designed to accommodate seniors living in higher-priced homes. This is the Cash Account Plan. The HECM and Home Keeper products are available in every state, while the jumbo product is offered in 21 states and the District of Columbia.