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Proprietary reverse mortgages are the most expensive type of reverse mortgage, so they appeal to people with high valued homes appraised at values greater than the limits of a HECM (more than $400 to $500,000 according to www.newretirement.com). They are also referred to as jumbo reverse mortgages.

Unlike HECMs, the loans created by jumbo reverse mortgages were created by financial institutions, not the government. Like a HECM, jumbo reverse mortgages are widely available, have no requirements in terms of health or income, and the money from them has no restrictions so you can use it for anything you would like.