In the event of your death, your heirs can choose to repay the loan and keep the house, or sell the house and repay the loan. They are very similar. The FHA mortgage is called a Home Equity Conversion Mortgage and the FannieMae mortgage is called the Home Keeper. The FHA is a US Government Agency and FannieMae is a private corporation chartered by the US Government. Discuss with your Unity Mortgage representative which one would be appropriate for you.
Reverse mortgages charge interest at an adjustable rate.
This means that the interest rate you are charged can change periodically. This does not affect the amount of money you receive. You pay the interest at the time the loan is repaid. You also incur closing costs and fees when you obtain a reverse mortgage. These items can be included in your loan, so you don't have to pay cash for them .