How is a reverse mortgage different from a traditional home equity loan or line of credit?

A reverse mortgage offers certain advantages:

  • With a traditional home equity loan or home equity line of credit, you must make monthly principal and interest payments on the balance while you live in the home — with a reverse mortgage, you don't. Your reverse mortgage balance, including accrued interest and fees, does not have to be repaid until you sell the home or permanently leave the home, as long as you meet your loan obligations (which includes keeping current with property-related taxes, insurance and upkeep).
  • With a reverse mortgage line of credit, the unused amount in your credit line actually grows over time — giving you access to more available funds. This means that the less you take out up front, the more will be available to you later.
  • And the lender cannot “freeze” or reduce the line of credit, as long as you fulfill your loan obligations — so it will be there if and when you need it.

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Verified Reviews

(64)

A pleasant experience Larry McAnarney was very professional yet warm in his dealing with both my wife and me. Our experience during the entire process was a pleasant one.

Paul C — Jan 30, 2014

Reverse Mortgage for Purchase I just wanted to tell you that we were very happy purchasing our home using the reverse mortgage purchase program. Everything worked out perfect. Thanks again Larry      

Ed & Rose S — Apr 24, 2018

I Decided to Investigate with some Trepdition When I decided to investigate a Reverse Mortgage I did so with some trepidation. There was so much negativity about them that I didn't think I would end up getting one. But when everything was explained to me it became obvious that there was no reason not to. So I proceeded thru the procedure and ended up with the mortgage. Everything you told me came to pass and I am completely satisfied with the end product. It would behoove those who are eligible to look into getting one for themselves. Thank you again

John M — Aug 20, 2015

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This material has not been reviewed, approved or issued by HUD, FHA or any government agency. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency.

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