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We are in our mid-50's with about $300,000 in savings. We want to purchase 15 acres of land to build our retirement home using equity in our current home. After all is said and done, the land will be paid for at the sale of our current home leaving us with an add'l $200,000 to add to the $300,000 and will leave us a $600,000 30-yr mortgage. Meanwhile we continue to work up to 70 yrs. of age. Not looking to build and sell until 2 yrs from now when home prices climb a little higher...just purchase acreage. Only retirement we have will be the savings, my retirement (approx. $400,000). Good or bad deal? My worry is what if something catastrophic happens.



Thomas Graham iii, CPA, CFE


7 yrs experience

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78 Ans.