In an effort to nudge older homeowners to tap into their home equity, the reverse mortgage space is expanding beyond federally backed offerings as lenders develop proprietary products with fewer restrictions.

The push reflects a confluence of factors: rising home values, inflation, relatively high mortgage rates and a swelling population of Americans nearing or entering retirement. Unlike the Federal Housing Administration’s (FHA) Home Equity Conversion Mortgage (HECM) program, proprietary products often target younger borrowers, allow for higher loan amounts and give homeowners more flexibility in how they access cash.

A reverse second-lien mortgage

Industry leaders say these offerings are quickly details ⇒

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