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To: patron_anejo_por_favor who wrote (132439)	11/1/2001 5:25:14 PM
From: reaper	Read Replies (1) \| Respond to of 436258

Patron -- just do a cash-out and do NOTHING with the money; sit on it. I did a huge cash out and was able to structure a laddered bond portfolio (all govies and some local MA munis) such that i am basically paying an after tax "committment fee" of about 50 bps for the money. That is a VERY small price to pay, IMO, for access to that sort of liquidity. So if/when prices crash (for real estate, stocks, whatever) I'll have cash to buy. If you wait 'til prices crash, its very possible that your ability to access your equity will be impaired, either due to lower house prices or unwilling banks. The only problem is trying to not let any of that money burn a whole in my pocket and go after FNM <g> Cheers