Home equity loan vs. home equity ling of credit?

Answers:0   |   LastUpdateAt:2012-11-05 13:26:06  

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chantelle
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I own my home and its approximateey worth is $275,000 or more. I just want to prepare for the recession upcoming. I want to use the money for variable things, like addition of a second bathroom, new walkway, new roof for my 100 year old shed, some medical bills, and some to get me by in-case of possible layoff or closing off store since I am in retail. As of right now I have no outstanding dept. but that could change quickly if I lose my job. I am 61, and can not find anything to fall back on. Is a loan better or a line of credit?
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