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Frequently Asked Questions
Q: How is a reverse mortgage like a home equity loan? How is it different?
A. Both a reverse mortgage and a home equity loan use the equity you have built up in your home to provide you with readily available cash. They differ in that with a home equity loan, you must qualify based on your income, assets and credit history and you must make regular monthly payments of principal and interest. In contrast, With a reverse mortgage, you do not have to make any monthly payments for as long as you maintain the home as your primary residence. Also, there are no income, asset or credit requirements. In addition, you must go through mandatory counseling prior to signing an application.
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