Reverse Mortgage or second home loan?

[Day Dreamer]

I need to replace the roof, lawn sprinklers and other around the home issues. Which one are better and who to contack. FYI: I racing against the clock here.

[Gem]

How old are you? How much equity do you have in your home?

Those would be facts that you would need to make your decision, we can't answer it based on what you want to spend the money on.

[joy]

A Reverse Mortgage may be right for you if:

• you have a regular need for additional living funds;
  
• you live on a fixed income, and your only asset is your home equity;
  
• you do not plan to leave your home to your children or others who will inheritfrom you.

[Lew-V]

also, all persons on the deed must be 62 years old or older for a reverse mortgage. a major advantage of a reverse mortgage, assuming you have the equity to qualify for one, is, besides taking out some cash and getting a check each month, your existing mortgage must be paid off, so you end up with a home with no monthly mortgage payments.