should I get home equity line to purchase new home?

[Emily Hurlington]

My home is paid for and I need to downsize but prefer to purchase new home before I sell this one so I have somewhere to live. I am all set to go with a mortgage and a large down payment. However the 55+ community I am moving to sells fast. I got outbid last week by someone paying cash/no home inspection/1 week closing even tho my offer was higher :( So, now I feel I must sell this house to have cash in hand to buy next time one comes up. OR should I take out a home equity line instead of having to sell. thnx for any help, feeling abit desperate as I am a senior and really need to down size.