Rich is correct about HELOCS being adjustable rates and reverse m’s are fixed, but the fees can be obscene on reverse and heirs can lose the property through complications.
If a senior doesn’t have any debt other than their housing expense, they may be able to qualify for a Fannie/Freddie mortgage with SSI and take the cash out that they will need, and have low payments over time.
A 7YR ARM will offer a lower rate than a 30YR fixed but can be harder to qualify for. Depends on how much cash they need.
With a reverse OR F/F the debt remains upon death, but heirs wont lose the house as easily OR if a nursing home is involved.
