Using a Reverse Mortgage for Home Improvement. HELOC vs Reverse Mortgage, Which Is Better?

Home remodel and renovation projects are expensive. How do you pay for a new roof? Or an AC unit, or pool, or kitchen remodel? Typically, people will pull some of the equity from their home to finance some of these big-ticket items. A HELOC, or home equity line of credit is a popular choice for many, but it comes with qualification hurdles and a monthly loan payment. If you're 62 or older and have substantial equity in your home, then looking at a reverse mortgage for these types of projects could be great option. In this video we explain how a reverse mortgage works, and how you're able to pull cash from your home without creating a mortgage payment. We can help you unlock a portion of that equity that's trapped in your home for you to use however you'd like, without the burden of a monthly mortgage payment.
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