I'm no expert on reverse mortgages either, but I think the question is: why have a HELOC? A reverse mortgage is essentially an equity loan (I think they can even be structured as equity lines) that don't require monthly payments. In other words, they accomplish similar things, allowing the borrower to tap the equity in his/her home. If you allowed a HELOC also, you would be making payments to the borrower (through the reverse mortgage) and they would be using it to pay you back (the HELOC). I don't see the point. Again, I'm no expert though.