Why should I choose a reverse mortgage instead of a home equity loan?

Reverse mortgages are so popular because they pay cash that does not need to be repaid as long as you remain in your home. On the other hand, attaining a home equity loan (or a second mortgage) requires you have sufficient income to cover the debt—plus, you must continue to make monthly mortgage payments. With a reverse mortgage, you do not make monthly mortgage payments and the federally insured loan protects you from foreclosure.