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 ...

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.

It’s an unfortunate thing that many seniors reach retirement age with very little savings. So if you get to that point and need money, you may be inclined to sign up for a reverse mortgage. In ...

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.