A home equity loan or HELOC requires monthly payments and has a fixed repayment schedule, while a reverse mortgage doesn’t require payments as long as you live in the home. Instead, repayment happens when you move out, sell the home, or pass away.
A home equity loan or HELOC requires monthly payments and has a fixed repayment schedule, while a reverse mortgage doesn’t require payments as long as you live in the home. Instead, repayment happens when you move out, sell the home, or pass away.