Hello.  We are William and Sharon (79 and 71) with no mortgage on our home except for 6K HELOC ($6K of 50K open to withdraw until 2018).    We have no credit card debt that we don't pay off before due dates.  We have sufficient monthly income to cover expenses frrom pensions and withdrawals from IRA's.   We have three IRA's with Fidelity.   We want to put a new roof on our home.   It will run about $7.5K.    Our question is how to handle the expense.   We see options and drawbacks to each and are not clear on which would be more advantageous.


(1)   Use HELOC.   3.99% (subject to change).   Adding to the $6K already on it.    


(2)  Use money from IRA's.   Drawbacks:   taxable year of withdrawal and no longer potentially earning and growing for the future.


(3)  Use Citi credit card we have and do balance transfer with 0% until October 2016.    Disadvantage is not being able to use credit card during that time since charges get interest from date of purchase.   3% fee to transfer.


(4)  Get new Citi Simplicity card offered us with balance transfer of 0% for 21 months.   3% fee to transfer.


(5)  Different solution.   Advice welcome!   


Hi there, William and Sharon!


Thank you for posting in community and I know we will have members chiming in soon with some great feedback for you. If you need any assistance or have any questions, please don't hesitate to give us a call at:1-800-531-USAA (8722).


Thank you, best of luck!