What is the difference between a reverse mortgage and a home equity line of credit (HELOC)?

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A home equity line of credit will also release equity in your home in the form of cash to be spent as you like. The main difference is that a home equity line of credit will need to be repaid monthly as do all conventional mortgages. A reverse mortgage does not have to be repaid until you sell your home or no longer occupy the residence. You will also need to have sufficient income & credit scores to qualify for a HELOC.

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