Reverse mortgages are of three different types but it is likely that only one will be appropriate to your circumstances:

1. Government agencies and nonprofit organizarions offer a reverse mortgage for specific needs, such as home repairs and improvements or property taxes. Although this type will have lower costs, it can only be used for the purposes specified and is intended mainly for low income applicants.

2. The Home Equity Conversion Mortgage (HECM) which is insured through HUD, the department of Housing and Urban development. You must be advised by a government-approved housing counseling agency before applying for this type of loan.

3. Private loans through other lenders who offer proprietary reverse mortgages.

Remember, you must be at least 62 years of age and live in your own home to qualify for most reverse mortgages. Proceeds are tax-free but the interest is not deductible from your income tax until the loan is paid off.

The most important step to take before considering a reverse mortgage is to consult a financial counselor.