House Security Financing otherwise Opposite Home loan: Which is Best for you?
Home security funds and you may reverse mortgage loans works most in a different way, however in the end to complete the exact same thing -- transforming elderly borrowers' household guarantee that cannot getting spent to your cash which can. Household collateral funds will let you need a lump sum payment otherwise a line of credit, and therefore do opposite mortgage loans. Part of the differences between the two try that you might want an excellent credit and you can enough typical income so you're able to be eligible for a home guarantee financing, while there is zero money otherwise credit degree to own a reverse financial.Read more
