We are thinking the same thoughts as you, with plans to retire at end of July.
Today, we closed on a 200K HELOC with BoA. We are in TN, but rate is national and based on WSJ prime (currently 3.75%), with various discounts for "platinum honors status," auto pay, and 10 basis points for each 10K that we draw out at closing (max of 100K), and keep out for 3 months. So, for $625 interest (at "special bonus rate for first year), we get approximately 1.2% discount from WSJ prime once we start drawing. 10 year draw period, then lock in for a 20 year repayment (by which time we expect to have sold the property).
worth looking at, particularly since the only cost is going to be the $625 interest on the 100K three month draw. All closing/appraisal costs eaten by BoA.
__________________
OMY * 3 2ish Done 7.28.17
|