The main difference between typical home loan and also other loans like VA or FHA are the insurance companies behind the loans. (mamato5blessings.com)
Some other types of typical home loans may offer a low or lack of down payment, but this often comes at the expense of a low interest rate, and home buyers will wind up paying even more than the amount of the down payment over time in interest. (vahomemortgageloans.org)
According to the FHA, HECM loans differ from typical home loans or second mortgages because, «no repayment is required until the borrower (s) no longer use the home as their principal residence or fail to meet the obligations of the mortgage.» (fhanewsblog.com)