Why get reverse mortgage rather than a home equity line?
The biggest reason is you don’t have pay the money back to the bank until you either pass away, move, or sell your home. Home equity lines of credit (aka second mortgage) will create another monthly bill for you. Also, you will have to go through the income and credit qualification process with the home equity line. Additionally, a bank can repossess your home if you fail to make these payments on the home equity line of credit. Since you have no payments to make for the reverse mortgage, there is no fear of the bank taking back your home.
