Don't look for the federally chartered savings and loan associations to rush into offering graduated-payment and reverse mortgages.

"It's going to take a while to solve procedural problems before the new types of mortgages can be offered," said Norman Strunk, executive vice president of the United States League of Savings Associations.

"In addition, today's climate is not the best for the rapid phasing in of new mortgage instruments. The supply of money is getting tighter, and with less money available for home loans, lenders will tend to channel what money they have into the conventional home loans with which they and their borrowers are most familiar," Struck said.

"Certainly, the Federal Home Loan Bank Borad, which authorized these new types of mortgages (effective Jan. 1), is to be commended for its actions. In time, these new home loan plans will make a major contribution toward meeting special credit needs of a wide range of borrowers," he added.

The graduated mortgages are aimed at making it easier for younger or first-time home buyers to obtain a home by paying lower monthly payments in their early home-owing years.

The reverse mortgages are designed to help the elderly use the equity in their homes to help finance their retirement years.

"We simply need time to solve the many legal and red-tape problems involved in preparing any new type of mortgage," Strunk said.

"In many states legislatures will have to change some laws before either of the new type mortgages is offered."