Reverse mortgages have skyrocketed in popularity among. They are expensive when compared to home equity lines of credit and second.
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A reverse mortgage or a home equity loan/line of credit? Both have advantages and disadvantages. A reverse mortgage is costlier, but doesn’t have to be repaid until you sell the home.
What’s better if you’re 62 or over and need to cash in your home equity? A reverse mortgage, or a home equity loan or line of credit? It depends, and here’s what you need to know.
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The most common type of reverse mortgage is called a Home equity conversion mortgage (HECM), which is FHA-insured. With this kind of reverse mortgage, the payments are distributed in the form of a lump sum, monthly amounts, or a line of credit (or a combination of monthly payments and a line of credit).
Home Equity Lines of Credit (HELOCs) Reverse Mortgage Line of Credit (Home Equity Conversion Mortgages or HECM) Home Equity Loans; Borrowers have access to funds for a specified time period: Borrowers have access to funds for no specified time period: Borrowers have access to a specified lump sum up front for a specified time period
Maintaining equity. A reverse mortgage decreases your equity in your home in proportion to the amount of cash you receive. Home equity loans allow you to maintain equity in your home as long as you make regular payments on your balance. The risk, however, is that the equity you are using as collateral could be lost if you default on your loan.
A HECM reverse mortgage line of credit can be used in addition to a monthly payment option or on its own. In many ways, this is similar to the traditional HELOC line of credit discussed earlier, but there are important differences.
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HOME EQUITY LINE OF CREDIT VS. reverse mortgage. The Reverse Mortgage line of credit option also has a growth rate. The growth rate on the unused portion in the line of credit is determined by the current interest rate on the loan plus 1.25. For example if the current rate is 3.0%, the growth rate will be 4.25%.