A refinance transaction where the amount of money from the new loan is greater than the total of the money needed to repay the existing first mortgage, closing costs, points, and the amount required to satisfy any outstanding subordinate mortgage liens.

A refinance transaction where borrower receives additional cash that can be used for any purpose.

Many folks ask: HELOC vs. Reverse Mortgage
Cash out refi vs. Reverse Mortgage is similar question

Read the Reverse Mortgage Page to learn differences