REVERSE MORTGAGE VS. HOME EQUITY LOAN

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REVERSE MORTGAGE VS. HOME EQUITY LOAN

Post  Paul Jamison on Mon Jan 28, 2008 8:21 pm

What is the difference between a Reverse mortgage and a bank home equity loan.

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Reverse Mortgage VS Home Equity Loans

Post  Reverse Mortgage Man on Wed Jan 30, 2008 9:03 am

A Reverse Mortgage is the opposite of a traditional mortgage. With a traditional mortgage or home equity loan, you borrow a large amount of money and make monthly payments. You must also have a sufficient debt to income ratio to qualify and make monthly mortgage payments.

A Reverse Mortgage pays you, and is available regardless of your current income or debt to income ratio. With a Reverse Mortgage you receive either regular monthly payments,
a lump-sum, or “on-demand” through a line of credit. Re payment is only required at the end
of the loan, typically, when you no longer occupy the home as your principal residence.

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