2ND MORGAGE OR LINE OF CREDIT

Hello Stephen. If you would like to lower your rate on your VA mortgage, we would be happy to assist you. Freedom Mortgage is a Direct Lender of VA loans. Please send me an email at adennie@fmbranch.com so that I may begin processing your application.

I don't originate VA. But, I would think a VA Streamline would not provide cash-out. At your and your wifes age, you are probably living on a fixed income. Texas has strange laws, but if a Reverse Mortgage in available, I suggest you explore that possibility. ... Best wishes, Rudi

A VA mortgage allows cash-out to 90% LTV.

Stephen, a VA refinance may make sense for you to get your necessary cash-out, as mentioned before. If nothing else, it can help you reduce your monthly expenses. But, I believe your question was about which is preferrable, a fixed 2nd mortgage or a line of credit; if your just looking for financial flexibility and short-term use of the money, the line of credit is preferrable, and right now it has a better rate/payment. Also, as mentioned before, Texas has some different laws regarding taking cash out; I would suggest you work with a local mortgage professional to review your needs closer. Go to the Find a Lender tab above and contact someone in your area.