The advantage of a reverse mortgage is that you've tapped the equity in your home without creating a stream of monthly mortgage payments. It's more expensive than a home equity loan, in large part because of its high closing costs. In contrast, the closing costs on a HELOC are usually in the hundreds instead of thousands.
With a reverse mortgage, you can choose a payment option that is just like a home equity line of credit, perhaps even better. The draw period on a HELOC typically ends after 10 years, but the draw period on the reverse mortgage can last until either the line is exhausted or the reverse mortgage comes due. If you delay borrowing against your reverse mortgage, the credit line increases with time.
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