House equity fund and you may reverse mortgages works extremely in different ways, however in the finish to do the exact same thing — changing old borrowers’ domestic security that cannot getting invested to the dollars which can. Domestic guarantee money allows you to get a lump sum payment otherwise a line of credit, and therefore would reverse mortgage loans. The main differences between the two was that you need an excellent borrowing from the bank and you will enough typical income to help you be eligible for a home collateral loan, because there is zero income or borrowing qualification to possess an opposing financial. Continua a leggere