Released: October 07, 2012

Using property to fund retirement

Source: USA TODAY

Q: I'm 59 years old. My retirement savings includes a vacation rental property worth $500,000 without a mortgage. It takes in $20,000 a year. I also have three mortgages that total $350,000. One is my primary residence, and two others take in monthly rent of $1,500, which is equal to the monthly mortgage. Should I sell the $500,000 property to pay off the mortgages?

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