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.

Verified Reviews

(52)

Wonderful Customer Service Customer service was top notch from beginning to end; any and all questions we had were answered or we were put in touch with someone who would be able to help us. Our representative Larry McAnarney helped each step of the way and never failed to get back to us in a timely manner.

Diane R — Jan 12, 2015

Much appreciated blend of professionalism and cordialit Larry was a much appreciated blend of professionalism and cordiality. He was very thorough in the coverage of reverse mortgage issues and explained them with great clarity and patience. It was a good experience with a complicated matter.

Jeff R — Mar 17, 2016

Wonderful Experience I want to join the chorus of those who had a wonderful experience working with Larry. I was pretty sure that a reverse mortgage was the right path for my wife and myself to take at this stage of our lives, but she was somewhat reluctant and unsure. Larry was able to gain her confidence, as well as my own, in the manner of his presentation of just the facts - and his genuinely kind disposition. He was, as well, a very effective ally in dealing with the title company over a matter which was quite important to us. As a recently retired sales rep myself, I was most impressed by dealing with someone who truly puts the customer first.

Ted H — Feb 22, 2016