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Reverse Mortgage vs. Home Equity Loan
Reverse Mortgage vs. Home Equity Loan
The reverse mortgage program is not as "new" as people might think. While it wasn't as well known or sought after as today the first program of its kind began in the 1960's where it remained in relative obscurity until the Department of Housing and Urban Development introduced the federally-insured Home Equity Conversion Program in 1990.The reverse mortgage continued to gain attention in 1996, when Fannie Mae launched the Home Keeper.
A reverse mortgage still continues to be a source of cash flow for seniors looking to supplement their retirement or add on to their fixed income. As a retirement planning tool, the reverse mortgage program offers a line of credit option, which allows the borrower(s) control over how much (and when) the funds are used.
So what makes a reverse mortgage different and, essentially, more beneficial to retiring homeowners than a home equity loan?
A home equity loan does require monthly payments while a reverse mortgage does not. For example, if you are looking for a source of increased cash flow that will allow you to cover your debt and (maybe) take a vacation or two, then a home equity loan is not for you. It will ... more

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