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A. Yes and No. Both an equity loan and a Reverse Mortgage use the equity you have built up in your home to provide you with readily available cash. They are different in this way: With a home equity loan you are must commit to making regular monthly payments. These payments include both principal AND interest. On the other hand, with a Reverse Mortgage you have absolutely no monthly payments to make for as long as you stay in the home. So not only do you not have any monthly payment obligations, but you do not pay interest either. Top of Page 3.
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Is a Reverse Mortgage different than a home equity loan?
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