Why should I get a reverse mortgage instead of just refinancing or getting a home equity?
With a reverse mortgage, you will not have to make monthly mortgage payments to repay your loan. The principal and interest are not due until the last borrower permanently leaves the home. If you refinance or receive a home equity line of credit, you will add another bill to your existing bills each month and have no guarantee that you will not lose your home. In addition, while income level and credit score are crucial factors in qualifying for refinance and equity loans, they are not factors considered for a reverse mortgage. |
