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Using Investment Property Equity for Education?

15 December 2009

My financial broker tells me that I shouldn’t worry too much about saving for my daughter’s education right now, but should concentrate my money into my retirement fund. After all, that’s what student loans were designed for, right?

A friend of mine has a different plan. In addition to his house, he owns an investment property. He figures that by the time that his children are ready for post-secondary education the mortgage will be mostly paid off leaving him the option of refinancing it with a home equity loan, selling it for a profit or using the income to pay tuition fees and books.

It’s an interesting strategy that won’t work for everyone. It does show that with a little creative thinking that one can find a plan that works for them.

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