I am 72 yo widower spending above my retirement income. I can refinance 2 mortgages and use equity to pay off $40K cc plus take out $50K cash. That would leave me about $200,000 in equity still in house worth about $570,000 located in good housing market area. I will have no other debts, but my living expenses will take up all my retirement income and more from the remaining IRA income that must be taken out anyway under IRS(but not very much). I have sufficient life insurance/health insurance and hope to live moderately, but not skimping on travel and fun things until age 85 (13 years) since I am single. After 85 I will rely totally on retirement income, all of which is from governments and indexed to COL. Before or at that time I might sell the house which should have appreciated 100 % in 10 years based on past 20 years appreciation continuing. Is it best to use only IRAs to pay off the $40 K cc or to use a new home equity loan to pay it off. Need ANSWERS, spec. from experts, pls.
2007-01-09
12:40:45
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10 answers
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asked by
agreeableone
3
in
Personal Finance