The analysis examined reverse mortgage originations between 2018 and 2025, comparing Federal Housing Administration-insured Home Equity Conversion Mortgages (HECMs) with proprietary reverse mortgage products offered by private lenders. Of this total, 23,538 loans (93%) were HECMs, while 1,774 loans (7%) were proprietary reverse mortgages. Although HECM originations increased modestly by 4.7% in 2024 and 0.7% in 2025, proprietary reverse mortgage originations grew much faster — rising 81% in 2024 and 118% in 2025. As a result, proprietary products accounted for 22% of all reverse mortgage originations in 2025, more than triple their 7% market share in 2023 and above the 14% share recorded in 2022, when 8,359 proprietary reverse mortgages were originated. MBA also noted that proprietary reverse mortgages typically have larger loan balances than HECMs, allowing them to account for nearly 40% of reverse mortgage originations by dollar volume in 2025.