Even before starting the process of getting competitive quotes on the job, you can see that the framing around many of the windows is going to need reinforcing or even rebuilding. While your retirement planning is focused on long term benefits, such an ambitious redesign project would require you to cash in a substantial chunk of your investments and savings; obviously the timing for that is far from optimal. With your primary mortgage all but paid off and with interest rates on the rise, you’re reluctant to apply for a new loan.
Consider financing your energy-saving plans by using the “energy” contained in your own housing wealth in the form of a reverse mortgage. You would draw down (in the form of tax-free withdrawals) only as much of the available proceeds as needed to finance each phase of the window reconstruction project. With no mortgage payments due until you leave the home, there would be no need to tap your investment portfolio.
Meanwhile, the energy cost savings will help fulfill your goal of retirement “budgetary survival”. A reverse mortgage can help provide a new “window” for retirement planning.
Home Equity Retirement Specialist
NMLS # 1595194
Serving the State of Indiana
p (317) 644-2595 c (765) 516-0130
2169 East Rutland Lane, Martinsville, IN 46151
Corporate NMLS #1025894