home equity for retirement?

H

homeinvestor

Guest
Hi -

I'm a new poster & I have a question. I'm nearly 51 and live on a site where I have around half a million dollars equity and about a quarter of a million dollars mortgage balance. This property is in an area where values are likely to appreciate substantially in the next decade. I'm not certain of my prospective employment situation, but want to stay here until I'm 62 when I believe I become eligible for a reverse mortgage even if I can't hold a steady job due to age discrimination in my field.

If this is correct, what are my best options for drawing on this equity as income until age 62? Line of credit? Second mortgage? Again, my career has been in a line of work where my future employment status is likely to be uncertain.

Thanks in advance for any advice.
 
The monetary amounts mentioned are in (US?) $ so you might want to note that Askaboutmoney is pimarily an Irish orientated discussion forum and people may not be in a position to offer feedback on non Irish financial issues.
 
Well, I'm part Black Irish in the USA. Does that help?Seriously, thanks for letting me know.
 
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