HELOC vs. reverse mortgage: What seniors should consider now. Eligible senior homeowners who are considering borrowing against their home's values can look into a home equity line of credit or a ...

The primary requirements for a reverse mortgage include: Being at least 62 years old; Owning your home outright or having a low mortgage balance that can be paid off with the reverse mortgage proceeds ...

Like a reverse mortgage, a HELOC lets you access cash by borrowing against the equity in your home. It's a revolving line of credit, so you can borrow only what you need during the draw period ...

You have a substantial amount of home equity and need to supplement retirement income. If you own your home outright and find Social Security isn’t enough to meet your needs, a reverse mortgage ...

Not all reverse mortgages are scams, but people exploring them should be extremely wary. Many reverse mortgage scams — carried out by unscrupulous parties from financial advisors to contractors ...

Reverse mortgage expert George Vrban practices what he preaches, using a reverse mortgage as a strategic tool for long-term retirement planning—not out of financial need.

With a reverse mortgage, seniors can transform the equity in their home into cash, but without the same monthly payment obligations as a HELOC. However, each loan product has pros and cons.