This is a tough decision that many people face as they enter their retirement years. Both options have pros and cons that need to be considered before making a decision.
Here are some things to think about when trying to decide between a reverse mortgage and a home equity loan:
-How long do you plan on staying in your home?
-What are your current and future needs for the money?
-What are the interest rates and fees associated with each option?
-How will each option affect your taxes?
-What are the repayment terms for each option?
Only you can decide what is best for your individual situation. Be sure to consult with a financial advisor to get more information about each option before making a decision.