‘I don’t think I’ll make it to 80’: I’m 70 and single. Do I take out a reverse mortgage or a home-equity agreement?

A 70-year-old single homeowner is evaluating options to access home equity. The person is considering a reverse mortgage, which allows homeowners 62 and older to borrow against their home's value, or a home-equity agreement, which provides access to funds secured by the property. Both options have different terms, costs, and implications for estate planning. Financial advisors typically recommend reviewing the specific terms, interest rates, and fees associated with each product, as well as consulting with a financial planner or attorney to understand how either choice may affect eligibility for means-tested benefits or impact the estate left to heirs.

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