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2nd Home is it better to get an equity Loan to purchase or a 1st mortgage?

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Home Equity

We own our house fully No mortgage value approx 0k. We are thinking that we like to retire early to near the beach. Currently we found nice homes with land in that area for 5k. Is it better to get a home equity for the full cost of the Beach home plus any other small debit (approx k 2 cars and a timeshare) or continue payday loans online with instant approval to pay on the individual debits and add a Mortgage for the Beach house?
The ultimate goal would be to get settled into the 2nd home and then sell the current home pay off the balance and then put the rest in an investment with monthly dividends to use as retirement income until we reach retirement age and also maybe get a parttime job.

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    I am a mtg broker. I would do a fixed HELOC and combine all your debt into it. If you pay all your debt separate, you are paying interest on the cars, credit cards, etc which are NOT tax deductible. Your mtg debt is.

    Congrats on having your home free and clear!

    mtgguy - Sep 06, 2012 | Reply


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