How is a reverse mortgage different from a home equity loan?

Both loans convert the equity in your home into available cash, but in very different ways. With a Home Equity loan, you must have sufficient income to qualify and you must make monthly payments. With a Reverse Mortgage from BCI Financial, there are NO income requirements, NO monthly payments, and the reverse mortgage PAYS YOU!

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Both a reverse mortgage and a home equity loan use the equity you have built up in your home to provide you with readily available cash. They differ in that with a home equity loan you must make regular monthly payments of principal and interest. However, with a reverse mortgage you do not make any required monthly mortgage payments for as long as you stay in the home.

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