How does a reverse mortage compare to a traditional home equity line of credit?
Both products allow you to turn the equity in your home into accessible proceeds. But, unlike a traditional home equity line of credit, a reverse mortgage does not require that you have an existing income stream in order to qualify, since it is designed to supplement your income. And, unlike a home equity line of credit, with a reverse mortgage, you make no monthly payments and can have no out-of-pocket expenses.
