What is the difference between a home equity loan and a reverse mortgage?

October 27, 2015 2:28 pm Published by Comments Off on What is the difference between a home equity loan and a reverse mortgage?

A home equity loan requires that the borrower has sufficient income to cover the debt and continue making monthly principal and interest mortgage payments. A reverse mortgage ends monthly principal and interest payments and is not due for repayment until the borrowers stop using their home as their primary residence.