Senior homeowners discover path to money tree

Is home equity loan better than a reverse mortgage?

DEAR BOB: My father, age 78, lives in his home alone. He has become a bit senile, but he can still be very feisty. His house badly needs a new roof. But he stubbornly refuses to have one installed because he says he can't afford it. Every time there is a heavy rain, he complains about the leaks and why he can't find a roofer to patch the leaks. He is in excellent health for his age. I obtained information on reverse mortgages as well as home equity loans for him. Do you think a home equity loan would be better for his situation to pay for a new roof that will cost about $15,000? – Ron R. DEAR RON: If your father obtains a home equity loan to pay for a new roof, how will he pay the monthly payments? Does he have sufficient retirement income? Purchase Bob Bruss reports online. You say he is in excellent health. Presuming your father wants to stay in his home as long as possible, as do most senior citizens, a home equity loan would be only a temporary solution to his money problem. ...