Question:

How can you compare reverse mortgage vs home equity loan?

Answer:

A reverse mortgage vs home equity loan has a big advantage. You can't lose your home with a reverse mortgage!

Especially if your house is debt-free and you want to remain living in your own home, to do whatever favorite hobby of yours you'd like to be doing, but you can't keep up with costs of maintaining the house in good condition, a reverse mortgage will be the better choice vs home equity loan. Although reverse mortgages have high closing costs, if you are decided to remain in your house for at least five years, or for as long as possible, taking a reverse mortgage is always recommended. How could you afford to make payments on a home equity loan if you are a senior and your income has shrunk?

Also, with a reverse mortgage you are not making payments - rather, you are receiving such, and there is no possibility of losing your home prematurely. And you always have the option to sell and move out, same as with a home equity loan.

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