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

 

 
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2 Comments on Fox Business Reverse Mortgage Video

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178,248 Points 13 Featured Posts

I don't understand this, "he said that a HELOC is a better choice if you can qualify for it."

Isn't the whole point of a reverse mortgage to elimibate debt and lower your monthly expenses?
9:11pm • #1
1 Featured Post

Mark,

He meant that it is the less expensive option, and it is, but they are two completely different loans.

Michael Pinter

 
9:19pm • #2

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Michael Pinter

Brooklyn, NY

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First Meridian Mortgage/Trump Financial

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