Bookmark this page.
Make Finackle your homepage.
Finackle: Tackling Your Toughest Financial Questions
Student Loans Home Loans Personal Loans Auto Loans Consolidation Loans Business Loans Loan Basics
Mortgage Guide  Mortgage Guide
Mortgage Refinance Guide  Mortgage Refinance Guide
Reverse Mortgage Guide  Reverse Mortgage Guide
Construction Loan Guide  Construction Loan Guide
Are Reverse Mortgages and Mortgage Refinances Different?

      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.