This guide was written to introduce consumers to home equity conversion (HEC) plans that are currently available and to explain the current state of HEC developments. It describes how the basic types of HEC plans work, gives examples of how how they can be used, discusses their advantages and disadvantages, and tells where they are available. Similarities among all HEC plans are discussed and differences between various plans are explained. Basic differences between home equity conversion plans and home equity loans are described. Special purpose loans, which do not have to be repaid until the homeowner dies, moves, or sells the house are presented as the most widely available and most often used HEC plans. Deferred payment loans for home repairs and improvements, and property tax deferral loans are described. Advantages, disadvantages, and availability of deferred payment loans and of property tax deferrals are examined. Reverse mortgages are presented as the most flexible and adaptable types of HEC plans. Three types of reverse mortgage plans are described: term reverse mortgage, split term reverse mortgage, and shared appreciation reverse mortgage. Advantages, disadvantages, and availability of each type are given. Line-of-credit reverse mortgages and insured reverse mortgages are discussed as two new forms of reverse mortgages still being developed. The final form of HEC plans presented is the sale plan and two basic types of HEC sale plans are considered: sale leaseback and the life estate. Summaries of home equity conversion plans are appended. (NB)