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Equity Lines for home remodeling
We are going to do some remodeling to our home which is paid for. Is it better to use our equity line which has not been used in many years or and pay the interest, make regular payments, or leave payoff to our heirs? Or, should we use money in retirement accounts,money markets, or CD accounts? What is the advantage/disadvantage either way? We are 67 and 68 and both still working with planned retirement two years away.
Asked by
ohmeohmyohme
1 year ago
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Why would you borrow any money this close to retirement. With two years to go, a better plan would be to defer the project(s), continue with your retirement savings, and separately sock money away for your planned remodel. Leaving payoff to your heirs is a non-issue. Your estate would need to pay off all debts prior to distributing assets, so forget that plan.
sfbrown 1 year ago