Advice needed! TIA!
Background:
Home valued at ~300k. No primary mortgage owed on the home as I paid cash. I have a first position HELOC with 3.29% apr and a current balance of 75k. HELOC limit is 150k. I am 1.5 years into the 20 year draw period. Additionally, there is a 20 year repayment period. HELOC monthly payment is a minimum of 1% of balance.
I have enough liquid to pay off the HELOC, but prefer to keep my investments where they are. Net monthly income is 9k. Retirement accounts are maxed yearly.
I'm 43, and wish to retire in the next 12-17 years. I'm wondering, is it wise in this situation to do a cash out refinance to pull out the equity I have and invest it? Or, do I keep the HELOC and pull out $ to invest in smaller increments? Or, do I just keep paying the HELOC while simultaneously putting money into my brokerage account?
Help a lady out! :)
Submitted August 14, 2021 at 10:37AM by dimplesgalore https://ift.tt/3iJaC64
