Are reverse mortgages available in all states? That’s a question many homeowners ponder when exploring ways to tap into their home equity later in life. Essentially, a reverse mortgage is a special type of home equity loan for homeowners aged 62 and older. It allows you to convert a portion of your home’s equity into cash, with no monthly mortgage payments required as long as you live in the home and meet loan obligations.
This can be a fantastic way to supplement retirement income, cover healthcare costs, or simply enjoy a more comfortable lifestyle without the pressure of traditional loan repayments.
Understanding the basics of how these loans work, who generally qualifies, and the potential benefits is key before diving into the specifics of where you can actually get one. We’ll cover the fundamental concepts, the typical eligibility requirements, and the primary advantages that make reverse mortgages an attractive option for many seniors.
Introduction to Reverse Mortgages and State Availability
A reverse mortgage is a unique financial tool designed to assist senior homeowners in accessing the equity they have built up in their homes. Unlike a traditional mortgage where payments are made to the lender, a reverse mortgage allows the homeowner to receive funds from the lender, either as a lump sum, regular payments, or a line of credit. This financial flexibility can be crucial for supplementing retirement income, covering healthcare expenses, or simply enhancing financial security in later life.
The fundamental concept is that the loan is repaid when the borrower no longer occupies the home as their primary residence, typically upon their death or when they move out permanently.The primary purpose of a reverse mortgage is to provide financial relief and increased living standards for homeowners aged 62 and older. The benefits are substantial, offering a way to convert home equity into accessible cash without the burden of monthly mortgage payments.
This can alleviate financial stress, allowing seniors to maintain their independence and enjoy their retirement years with greater peace of mind. It’s a way to leverage an asset – the home – to meet current financial needs.
General Eligibility Criteria for Reverse Mortgages
To qualify for a reverse mortgage, certain criteria must be met to ensure the borrower’s ability to manage the loan and the property. These requirements are standardized to protect both the borrower and the lender.The primary eligibility requirements include:
- Age: The borrower must be at least 62 years of age or older. For a reverse mortgage on a jointly owned property, all borrowers must meet this age requirement.
- Homeownership: The borrower must own their home outright or have a significant amount of equity remaining on their existing mortgage. The home must also be the principal residence of the borrower.
- Property Type: The home must be a one- to four-unit dwelling, including condominiums, townhouses, and manufactured homes that meet specific FHA guidelines.
- Financial Assessment: Lenders conduct a financial assessment to ensure the borrower can continue to pay property taxes, homeowners insurance, and maintain the home. This is a crucial step to prevent foreclosure.
- Counseling: Borrowers are required to attend a counseling session with an independent, HUD-approved agency. This session educates borrowers on the loan’s costs, implications, and alternatives.
Reverse Mortgage Availability Across States
While the fundamental principles of reverse mortgages are consistent nationwide, their availability and specific regulations can vary from state to state. The most common type of reverse mortgage, the Home Equity Conversion Mortgage (HECM), is insured by the Federal Housing Administration (FHA) and is available in all 50 states, the District of Columbia, and U.S. territories. This federal backing ensures a baseline of consumer protections and standardized procedures across the country.However, some states have implemented additional regulations or offer proprietary reverse mortgage products that may have unique features or eligibility requirements.
These state-specific variations are important to understand for potential borrowers.
For instance, some states might have specific disclosure requirements beyond federal mandates, or they might offer state-sponsored loan programs designed to complement HECMs. These can sometimes provide additional benefits or cater to specific needs of residents within that state.
It is imperative for individuals considering a reverse mortgage to confirm its availability and any state-specific nuances in their particular location. Consulting with a qualified reverse mortgage professional and reviewing materials from their state’s housing finance agency can provide clarity on these matters.
Geographical Availability of Reverse Mortgages
The accessibility of reverse mortgages is a critical consideration for homeowners contemplating this financial tool. While the federal Home Equity Conversion Mortgage (HECM) program, the most prevalent type of reverse mortgage, is regulated at the national level, its implementation and availability can be influenced by state-specific regulations and market dynamics. Understanding these nuances is paramount to making informed decisions.Reverse mortgages, particularly HECM loans insured by the Federal Housing Administration (FHA), are designed to be widely available across the United States.
The FHA’s role in insuring these loans ensures a standardized product and a broad reach. However, certain states might have additional disclosure requirements or specific rules that lenders must adhere to, potentially affecting the ease with which these products are offered or the specific terms available to borrowers.
States with Common Reverse Mortgage Offerings
Reverse mortgages are generally available in all 50 states, the District of Columbia, and most U.S. territories. Lenders participating in the HECM program are typically equipped to originate these loans nationwide, subject to state licensing and regulatory compliance. The widespread availability is a testament to the program’s design to benefit senior homeowners across diverse geographical locations.
States with Specific Restrictions or Unique Program Variations
While broadly available, a few states have enacted specific consumer protection measures or unique variations related to reverse mortgages. These are often designed to provide additional safeguards or clarify certain aspects of the loan process for residents. For instance, some states may mandate more extensive counseling requirements beyond the federally required session, or have specific rules regarding how loan proceeds can be disbursed.
It is crucial for borrowers to be aware of any state-specific addendums that might apply to their situation.
Comprehensive List of US States and Territories and General Status Regarding Reverse Mortgage Availability
The following table Artikels the general availability status of reverse mortgages across all U.S. states and territories. It is important to note that this is a general overview, and specific program details or lender offerings may vary. Borrowers should always consult with a qualified reverse mortgage professional and their state’s housing finance agency for the most precise and up-to-date information.
| State/Territory | Availability Status |
|---|---|
| Alabama | Generally Available |
| Alaska | Generally Available |
| Arizona | Generally Available |
| Arkansas | Generally Available |
| California | Generally Available |
| Colorado | Generally Available |
| Connecticut | Generally Available |
| Delaware | Generally Available |
| District of Columbia | Generally Available |
| Florida | Generally Available |
| Georgia | Generally Available |
| Hawaii | Generally Available |
| Idaho | Generally Available |
| Illinois | Generally Available |
| Indiana | Generally Available |
| Iowa | Generally Available |
| Kansas | Generally Available |
| Kentucky | Generally Available |
| Louisiana | Generally Available |
| Maine | Generally Available |
| Maryland | Generally Available |
| Massachusetts | Generally Available |
| Michigan | Generally Available |
| Minnesota | Generally Available |
| Mississippi | Generally Available |
| Missouri | Generally Available |
| Montana | Generally Available |
| Nebraska | Generally Available |
| Nevada | Generally Available |
| New Hampshire | Generally Available |
| New Jersey | Generally Available |
| New Mexico | Generally Available |
| New York | Generally Available |
| North Carolina | Generally Available |
| North Dakota | Generally Available |
| Ohio | Generally Available |
| Oklahoma | Generally Available |
| Oregon | Generally Available |
| Pennsylvania | Generally Available |
| Rhode Island | Generally Available |
| South Carolina | Generally Available |
| South Dakota | Generally Available |
| Tennessee | Generally Available |
| Texas | Generally Available |
| Utah | Generally Available |
| Vermont | Generally Available |
| Virginia | Generally Available |
| Washington | Generally Available |
| West Virginia | Generally Available |
| Wisconsin | Generally Available |
| Wyoming | Generally Available |
| American Samoa | Generally Available |
| Guam | Generally Available |
| Northern Mariana Islands | Generally Available |
| Puerto Rico | Generally Available |
| U.S. Virgin Islands | Generally Available |
Federal vs. State Regulations Impacting Availability
The landscape of reverse mortgage availability is significantly shaped by a dual regulatory framework: federal oversight and, in some instances, state-specific legislation. While federal regulations establish the foundational rules for most reverse mortgage products, particularly the Home Equity Conversion Mortgage (HECM), states can introduce their own layers of protection and requirements that influence how these loans are offered and accessed.
Understanding this interplay is crucial for borrowers to navigate the availability and terms of reverse mortgages.Federal regulations, primarily governed by the U.S. Department of Housing and Urban Development (HUD) for HECMs, set the overarching standards for borrower eligibility, loan servicing, counseling requirements, and disclosure mandates. These federal rules are designed to protect seniors and ensure the financial soundness of the HECM program, which is the most common type of reverse mortgage.
The FHA insurance premium, for example, is a federal requirement that affects loan costs.
State-Specific Laws and Consumer Protection Measures
While federal law provides a baseline, individual states have the authority to enact their own statutes that can either enhance or, in rare cases, restrict reverse mortgage availability and terms. These state-level interventions often focus on strengthening consumer protections beyond what federal law mandates.Some states may require additional disclosures to borrowers, ensuring they fully comprehend the implications of a reverse mortgage.
Other states might impose stricter licensing requirements for loan originators or servicers, aiming to weed out less reputable actors. For instance, a state might mandate that reverse mortgage counseling be conducted by a state-approved agency, even if HUD-approved counseling is already a federal requirement.Certain states have also implemented specific rules regarding marketing practices or the types of financial products that can be bundled with a reverse mortgage.
This is often a response to past instances of predatory lending where seniors were pressured into purchasing unsuitable financial products alongside their reverse mortgage.
Comparison of Federal Oversight and State-Level Variations
The federal government, through HUD, provides a standardized and comprehensive regulatory environment for HECMs, ensuring a baseline of consumer protection and program integrity across the nation. This uniformity is essential for the widespread availability of the HECM program.However, state-specific regulations introduce a layer of localized oversight. This can lead to variations in the reverse mortgage experience from one state to another.
For example, a state might have a longer mandatory waiting period between counseling and loan closing, or it might require lenders to provide additional educational materials tailored to the state’s specific housing market or senior population.
The goal of federal regulation is to create a stable and predictable national market for reverse mortgages, while state regulations often aim to address unique local concerns and enhance borrower safeguards.
In some instances, state laws might create more stringent requirements for loan origination or servicing than federal law. Conversely, states generally cannot preempt federal laws regarding reverse mortgages. The federal framework for HECMs is quite robust, and while states can add protections, they typically cannot create a system that fundamentally undermines the federal program.The availability of proprietary reverse mortgage products (those not insured by the FHA) can also be influenced by state regulations, as these are generally subject to state banking and lending laws in addition to any specific reverse mortgage legislation.
While reverse mortgages are not universally available in every state due to varying regulatory frameworks, it is important to note that financing for residential properties is broadly accessible; for instance, understanding can you get a mortgage on an apartment is crucial for many homeowners. This broad availability of residential financing underscores the localized nature of reverse mortgage accessibility, as specific state laws dictate their presence.
These non-HECM products may have different eligibility criteria and terms, and their availability in a particular state will depend on that state’s specific regulatory environment for financial products.
Types of Reverse Mortgages and State Offerings
The landscape of reverse mortgages is not monolithic; rather, it comprises distinct product categories, each with its own characteristics and prevalence across different states. Understanding these differences is crucial for homeowners seeking to leverage their home equity through this financial tool. The availability and popularity of specific reverse mortgage types can be influenced by state-specific regulations, housing market conditions, and the demographics of the homeowner population.The most widely recognized and accessible type of reverse mortgage is the Home Equity Conversion Mortgage (HECM).
Insured by the Federal Housing Administration (FHA), HECM loans are designed to be available to eligible homeowners nationwide, adhering to federal guidelines. This standardization ensures a broad reach, making HECM the default option for many.Beyond the federally backed HECM, proprietary reverse mortgage options exist, often referred to as jumbo reverse mortgages. These are developed and offered by private lenders and are not insured by the FHA.
Their availability can be more localized, and they are typically designed for homeowners with higher home values that exceed the HECM lending limits.
Home Equity Conversion Mortgages (HECMs) and Their Ubiquitous Availability
The Home Equity Conversion Mortgage (HECM) stands as the cornerstone of the reverse mortgage market in the United States. As a product insured by the Federal Housing Administration (FHA), HECM loans are subject to a standardized set of rules and regulations that apply uniformly across all states. This federal oversight is the primary driver behind their widespread availability, ensuring that eligible seniors can access this financial product regardless of their geographical location.HECMs are the most prevalent type of reverse mortgage due to several key factors:
- Federal Insurance: The FHA insurance protects both the borrower and the lender, mitigating risks and encouraging broader participation from financial institutions.
- Standardized Requirements: Eligibility criteria, loan limits, and borrower obligations are consistent nationwide, simplifying the process for consumers and lenders alike.
- Government Backing: This backing instills confidence in the product, making it a more accessible and trusted option compared to less regulated private offerings.
Consequently, a homeowner in Alaska can access the same HECM product and follow the same application process as a homeowner in Florida, assuming they meet the federal eligibility requirements. This uniformity is a significant advantage for consumers navigating the complexities of financial planning in retirement.
Proprietary Reverse Mortgage Options and Their Geographic Reach
Proprietary reverse mortgages, often referred to as “jumbo” reverse mortgages, represent a segment of the market that caters to homeowners with higher-valued properties. Unlike HECMs, which have federally mandated loan limits, proprietary products are developed by private lenders and are not insured by the FHA. This means their availability, terms, and conditions are determined by the individual lending institutions.The geographic reach of proprietary reverse mortgages is typically more concentrated and can vary significantly from state to state.
Lenders offering these products often focus on markets with a higher concentration of affluent seniors and higher real estate values.Key characteristics of proprietary reverse mortgages include:
- Higher Loan Limits: These loans are designed for homes that exceed the maximum HECM lending limit, allowing homeowners with substantial equity to access larger sums of money.
- Flexible Terms: Lenders have more flexibility in setting interest rates, fees, and repayment structures, which can sometimes lead to more competitive offers for eligible borrowers.
- Market-Specific Availability: The prevalence of proprietary reverse mortgages is often higher in states with robust real estate markets and a larger population of high-net-worth individuals. States like California, New York, Florida, and Texas, with their significant upscale housing stock and affluent senior demographics, tend to have a greater offering of these products.
Conversely, in states with lower average home values or fewer affluent residents, proprietary reverse mortgage options may be scarce or entirely unavailable. This disparity highlights how the private market for reverse mortgages can be more sensitive to regional economic conditions and demographic trends.
State-Specific Prevalence of Different Reverse Mortgage Loan Types
The prevalence of different reverse mortgage loan types can exhibit notable variations across states, influenced by a combination of federal regulations, state-specific laws, and local market dynamics. While HECMs are universally available, their uptake and the comparative popularity of proprietary options can differ.For instance, in states with a high concentration of older homeowners and a robust housing market, such as Florida or Arizona, HECMs are likely to be very popular.
These states often have a significant number of seniors who own their homes outright or have substantial equity, making them prime candidates for HECM loans to supplement retirement income.Proprietary reverse mortgages, on the other hand, tend to be more prevalent in states with exceptionally high real estate values and a higher median income among seniors.
In states like California, where median home prices are significantly above the national average, proprietary reverse mortgages become a more attractive and often necessary option for homeowners whose property values exceed the HECM lending limit. A homeowner in Beverly Hills, for example, might find that a proprietary loan is the only way to access the full equity of their multi-million dollar property, whereas a HECM would cap their borrowing capacity.
In contrast, states with lower average home values and a less pronounced concentration of high-net-worth seniors may see a lower availability and uptake of proprietary products. In such regions, HECMs will likely remain the dominant form of reverse mortgage financing, as they are designed to accommodate a broader range of home values. Furthermore, any state-specific legislation or consumer protection initiatives related to reverse mortgages can also subtly influence which product types gain more traction.
Some states may have programs that encourage or facilitate the use of HECMs, while others might have regulations that inadvertently make proprietary products more or less appealing.
Factors Influencing Reverse Mortgage Availability in Specific States
The availability of reverse mortgage products, while broadly governed by federal guidelines, is not uniform across all states. A confluence of state-specific economic conditions, regulatory landscapes, and demographic profiles significantly shapes which products are offered and how accessible they are to eligible homeowners. Understanding these localized factors is crucial for potential borrowers and financial institutions alike.The housing market’s vitality within a particular state plays a pivotal role in determining the appetite for and availability of reverse mortgage products.
Lenders assess the stability and growth potential of real estate values, as these directly impact the collateral securing the loan. States with robust, appreciating housing markets generally present a more favorable environment for lenders, potentially leading to a wider array of product options and more competitive terms. Conversely, states experiencing stagnant or declining property values might see a more cautious approach from lenders, with fewer product variations or stricter eligibility criteria.
State-Specific Lending Practices and Regulations
Beyond general economic conditions, the legal and regulatory framework established at the state level exerts a profound influence on reverse mortgage offerings. Some states have enacted specific consumer protection laws or additional disclosure requirements that lenders must adhere to. These can range from mandating specific counseling protocols to imposing limitations on certain loan features or fees. Such state-level interventions are designed to safeguard senior borrowers but can also impact the cost and complexity of offering reverse mortgages, thereby influencing their availability.
For instance, states with stringent usury laws might indirectly affect the interest rates that can be charged, potentially making certain products less viable for lenders.
Demographic Trends and Product Influence
Demographic trends within a state are another critical determinant of reverse mortgage availability. States with a higher proportion of senior citizens, particularly those who own their homes outright or have significant equity, tend to have a greater demand for reverse mortgage products. This concentrated senior population can incentivize lenders to develop and promote reverse mortgage solutions tailored to the specific needs and financial profiles of that state’s older residents.
For example, a state with a large population of retirees seeking to supplement their income to remain in their homes might see a proliferation of HECM (Home Equity Conversion Mortgage) options, the most common type of reverse mortgage. Conversely, states with younger populations or a lower homeownership rate among seniors may experience less focus from lenders, resulting in a more limited selection of reverse mortgage products.
Consider a state like Florida, which has a substantial retirement-age population and a generally stable housing market. This combination often translates into a wide availability of reverse mortgage products, with numerous lenders actively promoting these options to homeowners. In contrast, a state with a rapidly growing, younger population and a smaller existing base of senior homeowners might find reverse mortgage offerings less prevalent, as the immediate market demand is perceived to be lower.
The interplay of these factors – housing market health, state-specific regulations, and demographic composition – creates a unique landscape for reverse mortgage availability in each state. Lenders continuously evaluate these elements to determine where and how to best offer their products, ultimately shaping the choices available to senior homeowners.
How to Determine Reverse Mortgage Availability in Your State
Navigating the landscape of reverse mortgage availability in your specific state requires a methodical approach. While federal regulations set the foundational rules, individual states can introduce nuances that affect accessibility and program offerings. This section Artikels a clear, step-by-step procedure to help you ascertain precisely where and how you can access reverse mortgage solutions tailored to your location.Understanding the availability of reverse mortgages in your state is crucial for making informed financial decisions as a homeowner.
This involves consulting official resources, engaging with qualified professionals, and recognizing the factors that might influence local offerings. By following a structured process, you can gain clarity and confidence in pursuing this financial tool.
Step-by-Step Procedure for Ascertaining State Availability
To effectively determine reverse mortgage availability in your specific state, a systematic process is recommended. This involves gathering information from various reputable sources and taking proactive steps to connect with knowledgeable entities.
- Identify Your State’s Regulatory Framework: Begin by understanding if your state has any specific regulations or additional requirements beyond federal guidelines for reverse mortgages. While the Home Equity Conversion Mortgage (HECM) is a federal program, some states may have their own proprietary reverse mortgage programs or specific consumer protections.
- Consult the Consumer Financial Protection Bureau (CFPB): The CFPB website is an excellent resource for general information on reverse mortgages and can direct you to state-specific consumer protection agencies. They often provide educational materials that touch upon regional differences.
- Check Your State’s Department of Financial Institutions or Banking: Many state government agencies responsible for financial oversight maintain websites with information on financial products available within their jurisdiction. Look for sections dedicated to mortgages, senior financial products, or consumer lending.
- Verify Lender Licensing: Ensure that any lender you consider is licensed to operate in your state. State banking or financial regulatory bodies typically maintain searchable databases of licensed financial institutions.
- Research State-Specific Programs (If Any): Some states may offer unique reverse mortgage programs, often aimed at specific demographic groups or housing situations. Investigate if your state has any such initiatives.
- Engage with HUD-Approved Counselors: A mandatory step for HECM reverse mortgages is counseling from a HUD-approved agency. These counselors are well-versed in federal regulations and can also provide insights into state-specific considerations or available programs.
- Contact Local Lenders Specializing in Reverse Mortgages: Reach out to mortgage brokers or lenders who explicitly advertise reverse mortgage services. They will have firsthand knowledge of the products they can offer in your state and any local market specificities.
Locating Reliable Information on State-Specific Programs
Accessing accurate and reliable information is paramount when assessing reverse mortgage availability within your state. The sources you consult should be official, reputable, and up-to-date to ensure you are working with the most current guidelines and program details.The primary avenues for finding trustworthy information include government agencies and established financial advisory bodies. These entities are typically mandated to provide unbiased consumer information and maintain oversight of financial products.
- Federal Housing Administration (FHA) Website: As the HECM program is federally insured by the FHA, their official website is a critical resource for understanding the core requirements and availability of this widely used reverse mortgage product across all states.
- State Government Websites: Navigate to the official website of your state’s government. Look for departments such as the Department of Insurance, Department of Financial Services, or the Office of the Attorney General. These departments often publish consumer alerts, guides, and lists of licensed entities relevant to financial products like reverse mortgages.
- Consumer Financial Protection Bureau (CFPB): The CFPB offers comprehensive, unbiased information on financial products and services. Their website provides guides and resources that can help you understand your rights and options, including state-specific consumer protection laws.
- National Council on Aging (NCOA): NCOA is a non-profit organization that provides resources for seniors. They often have information on financial planning tools, including reverse mortgages, and may offer state-specific guidance or links to local resources.
- HUD-Approved Counseling Agencies: Locating a HUD-approved counseling agency is a requirement for HECM borrowers. These agencies are trained to provide objective advice and can clarify the availability and suitability of reverse mortgages in your specific state, often highlighting any state-specific considerations.
Connecting with Knowledgeable Lenders and Counselors, Are reverse mortgages available in all states
Establishing contact with professionals who possess in-depth knowledge of reverse mortgages, particularly within your state’s context, is a vital step in the process. These individuals can guide you through the complexities of the application, explain available options, and ensure compliance with all relevant regulations.A proactive approach to finding and vetting these professionals will yield the best results, ensuring you receive accurate advice and access to the most suitable reverse mortgage products.
- HUD-Approved Counseling Agency Locator: The U.S. Department of Housing and Urban Development (HUD) provides an online tool to find approved counseling agencies nationwide. These agencies are a mandatory first step for HECM applicants and are excellent sources of information on state-specific nuances.
- National Reverse Mortgage Lenders Association (NRMLA): The NRMLA website offers a “Find a Professional” tool that allows you to search for member companies and individuals who specialize in reverse mortgages. Many of these professionals will be knowledgeable about the specific markets in which they operate.
- State Banking and Financial Regulatory Websites: As mentioned previously, state regulatory bodies often list licensed lenders. Reviewing these lists and then visiting the websites of lenders operating in your state can help you identify those with a strong presence and stated expertise in reverse mortgages.
- Referrals from Trusted Advisors: Consult with your existing financial advisors, elder law attorneys, or estate planners. They may have established relationships with reputable reverse mortgage lenders or counselors in your area and can provide personal recommendations.
- Online Search with State Specificity: Utilize search engines with specific s such as “reverse mortgage lender [Your State]” or “HECM counselor [Your City, Your State].” Carefully review the search results, paying attention to company websites and professional profiles to gauge their expertise and local presence.
Last Point
So, while the concept of a reverse mortgage is widely available, knowing the specifics for your state is crucial. By understanding the federal framework, state nuances, and different loan types, you can confidently navigate the process. Remember, taking the time to research and connect with knowledgeable professionals will ensure you find the best solution for your unique situation. Ultimately, the goal is to empower you to make informed decisions about leveraging your home’s equity to enhance your retirement years.
FAQ: Are Reverse Mortgages Available In All States
Are reverse mortgages available in all states?
While the most common type, the Home Equity Conversion Mortgage (HECM), is insured by the federal government and available in all 50 states, plus Washington D.C. and Puerto Rico, some proprietary reverse mortgages might have limited availability in certain states due to state-specific regulations or lender policies.
Do all US states have the same reverse mortgage rules?
No, while federal laws set the baseline for reverse mortgages, particularly for HECMs, individual states can implement their own consumer protection laws or have specific requirements that might slightly alter the availability or terms of reverse mortgage products. These differences are usually minor but worth investigating for your specific location.
Can I get a reverse mortgage if I live in a territory like Guam or the U.S. Virgin Islands?
Yes, the federally insured Home Equity Conversion Mortgage (HECM) is generally available in U.S. territories like Guam and the U.S. Virgin Islands, similar to how it’s offered in the 50 states and Washington D.C.
Are there any states where reverse mortgages are harder to get?
There aren’t typically states where reverse mortgages are outright unavailable, especially HECMs. However, states with very specific lending laws or unique housing market conditions might see fewer proprietary reverse mortgage options or slightly different processes compared to other states.
What’s the difference between a HECM and a proprietary reverse mortgage regarding state availability?
HECMs, being federally insured, have near-universal availability across all states and territories. Proprietary reverse mortgages, which are private loans not backed by the FHA, are offered by individual lenders and their availability can vary more significantly by state, depending on the lender’s business strategy and state regulations.
