Reverse Mortgage vs. Home Equity Loan
Compares the two options. A home equity loan or HELOC requires monthly payments and qualification based on credit and income, while a reverse mortgage requires no monthly mortgage payment and is designed for homeowners 62 and older. Each has trade-offs depending on your age, cash flow, and how long you plan to stay in the home.
Key points
- HELOCs require monthly payments
- Reverse mortgages do not
- Reverse mortgages are for ages 62+
- Choice depends on cash flow and timeline