Fox Business News had a short piece on Reverse Mortgages last week. The two anchors are pretty ignorant about the product and the guest, Jim Randel was okay, but not great. He defends againast the notion of "just sell the house", but then he said that a HELOC is a better choice if you can qualify for it.
The truth is that they are far from interchangable. For starters, A HELOC requires monthly payments and is finite. A HELOC will provide monthly revenue for as long as a borrower still lives in the home.
Here is the link: http://www.foxbusiness.com/search-results/m/25692489/is-a-reverse-mortgage-right-for-you.htm#q=Randel
Comments(2)