- Home Equity Loans: A home equity loan is a loan against the equity you have built into your home and you must pay it back overtime, starting immediately. As such, to qualify you must be able to prove that you are able to make the loan payments.
- Reverse Mortgages: A Reverse Mortgage is a kind of loan that is not repaid until you leave your home and is often repaid with the sale of the home.
Both loans are great ways for seniors to gain access to their home equity. The costs and interest may be lower for home equity loans, but the available money is often higher and eligibility is easier for Reverse Mortgages.