Should I borrow Equity loan or a reverse mortgage to pay off my debts?

PLEASE DO NOT borrow against your equity. The reason this asset is so valuable is because it is exempt from collections and judgments, except certain kinds of taxes. Even if a collector got a judgment against you, it could not force you to give them this asset, so it is very protected. It is exempt as your homestead. It is your property. It is your legacy. The absolute last thing you should do is borrow money against your home to pay off other debt, regardless of what kind of debt it is. Remember, if you file a chapter 7 and bankrupt your debts, you will still have your home free and clear of the debts you bankrupted! In this attorney’s opinion, there is no debt which would justify borrowing against your equity to pay off.