Summary
The article answers whether a reverse mortgage or a home equity loan better serves retirees. Expert Jean Chatzky explains that it depends on money goals. Home equity loans and HELOCs suit retirees with steady income who need cash for specific expenses, such as renovations, and can make monthly payments. In contrast, reverse mortgages can help those who are “house-rich but cash-poor” improve day-to-day cash flow without monthly mortgage payments, though upfront costs may be high. The takeaway: choose based on your financial situation and ability to handle payments — the right tool varies by retiree’s needs.
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