FHA Mortgage Loan is a residential mortgage loan guaranteed to be repaid to the lender by the Federal Government. The loan has an insurance premium attached to it and paid by the borrower. Historically these loans were popular because they required less of a down payment than other mortgage loans. Today, however, with so many mortgage products available to borrowers, the FHA is more infrequently used. A Reverse Mortgage is a type of FHA loan because it too is guaranteed by the Government.