Newbie ... but no spring chicken

[Tamara Shipp]

I am nearing retirement age, and unfortunately, I have no retirement savings. My only nest egg is about $60K in equity in my primary residence. I also own (and rent out) a second property that has little equity but is in an area projected to appreciate by about 10% in the next year. (Primary residence in Va. Beach area, second property in West Virginia Eastern Panhandle.)

I feel like I want to put my home equity to work via a HELOC. I've read mostly positive things about using a HELOC to invest in income-producing properties, although I've also read that it's a good idea to hang onto it for emergencies.

I'm currently working a 10-year plan for retirement, at which point I would like to relocate (to the Outer Banks, N.C.) and allow one of my sons to take over the mortgage payments on my residence (financed at 3% thanks to a loan mod from several years ago).

Credit is okay but not great. I'm a little over-extended right now but never miss a payment.

Would love someone to help me navigate these waters ... or tell me that it's not the right course for me at this stage of my life, if that's the case.

Thanks!