Home Loan Articles
Yes, they are very different. A reverse mortgage is for someone who is 62 years of age or older. With a reverse mortgage, people turn their home's value into cash. However, unlike a normal loan, reverse mortgage loans do not need to be repaid until the home is no longer lived in. To see if a reverse mortgage is a good option for you, read our Reverse Mortgage Guide.
Unlike a reverse mortgage, mortgage refinances do not have age restrictions. When someone gets a mortgage refinance loan, they are getting a new mortgage with better terms to pay off their old mortgage. The new mortgage may have a lower interest rate or a shorter term length, which saves the borrower money. To discover how mortgage refinancing can save you money, read our Mortgage Refinance Guide.