Best way of Using Home Equity for Retirement?

[GrayHare]

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Originally Posted by Homeby5 I see..are you to saying get a HELOC right before she retires and use the money to invest and spend on things I want. And then invest the equity money with the goal of hopefully making enough money off of the investment to pay most of the mortgage payment. Right?

Not exactly. I'd get a standard mortgage because that maximizes the money you'll have to invest, plus the interest rate will be lower than a HELOC. Mortgage payments are irrelevant, you simply make them from the money you received from the mortgage. None of this will work though unless you have enough investment experience to produce a return larger than the interest rate of your mortgage.

[Homeby5]

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Originally Posted by Gumby If I recall correctly from the OPs's earlier thread, this is the home with the illegal rental unit on which he has not been declaring rental income for some number of years. Selling the home in order to downsize may bring these issues to light.

For an Administrator, you sure speak with a lot of ignorance

[Gumby]

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Originally Posted by Homeby5 For an Administrator, you sure speak with a lot of ignorance

This is what you said in your introductory thread. I'd say my post is accurate based on your own words.

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Originally Posted by Homeby5 .... .we have an apartment in Key Largo that we will use for income. My parents live there now but will probably generate about 1800/month currently....

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Originally Posted by Homeby5 I'm pulling about $2100 a month from SSDI. And yes the parents are kicking in 1300/month now.

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Originally Posted by Homeby5 .....the only taxable income until our age of 62 will be my SSDI. We won't claim rental income because we don't want to register with Monroe County.....

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Originally Posted by Homeby5 ... Basically, I have a brand new 1000 sf apartment attached to my home with a kitchen that wasn't on the plans because Monroe County only allows one sink per residence. yes....I can register to rent it, pay income tax but I don't want a surprise inspection and have to rip out a $30,000 Kitchen. So I simply rent it and while I don't claim the income...I also don't claim the depreciation and expense for anything that cost me. Kinda a wash....

[Homeby5]

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Originally Posted by Gumby If I recall correctly from the OPs's earlier thread, this is the home with the illegal rental unit on which he has not been declaring rental income for some number of years. Selling the home in order to downsize may bring these issues to light.

Again....since my last post was removed and I am sure this one will get me banned)....for an Administrator of a financial site, you sure exhibit a lot of childish ignorance and malice forethought. WTH are you smoking to reply in such an idiotic manner?

Not that I owe you any explanation, but I am in no way "illegally" renting an apartment. FYI...my elderly parents live in my apartment. Now when my wife retires, I may rent it out and if I decide to obey or not every aspect of the State, local and Federal Rental guidelines, Ill be sure to check with you first since you obviously have nothing better to do than get into everyone else's business.

[Homeby5]

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Originally Posted by Gumby This is what you said in your introductory thread. I'd say my post is accurate based on your own words.

See my above post....and as you see....none of those quotes of mine said I am doing anything illegal.
But again...WTH does any of this have to do with the topic at hand? What kind of Administrator trolls threads? You either have a lot of jealousy or you are trying to impress someone from behind a keyboard. I dunno....completely childish and has nothing to do with the topic at hand.

[Gumby]

Your last post was not removed. It was edited by the other moderators (not me, because I am personally involved) due to some intemperate language. I'll refer you to your own words cited in my above reply, which I think speak for themselves. What else would you have us rely on?

Just a word of advice - this is a public forum. The things you post can be viewed by the IRS or the Monroe County government or anyone else.