Home paid off/ how can I use my home toward this purchase?

Terry Says

So, should I assume that this will be a second home, a vacation home? If you are still working, just get a new, separate mortgage on this property. The risk with a home equity loan is that there will be a balloon payment in 5 or 7 years and you’ll suddenly owe a LOT of money. You don’t want to put your home on the line for that.

If you can’t buy the second home by getting a mortgage, you might want to re-think the purchase. If you’re close to retirement, or IN retirement, you don’t want to leverage your finances in this way.