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    I think you are answering a different question that OP ask. The mother in law is in retirement and has $400k in savings that happen to be in the form of her house. The goal is to use these savings slowly over the next 25 years or so to grant her a higher standard of living that her current income gives her. Telling her to budget and spent less is completely missing the point on what OP wants to do. Commented 2 days ago
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    That's your understanding of the question, it's not mine. Commented 2 days ago
  • I second @quarague. This answer feels belittling: There is no indication that the OP or their mother in law are not aware of the income/expenses balance. On the contrary, they are in the process of working it out, and part of that process is to turn the house equity into liquid assets, details of which is what this question is about. You may suspect that the underlying problem is not the one the OP is asking about, but that should at best be a careful, polite side remark. Commented 2 days ago
  • @Peter-ReinstateMonica they're asking about taking out an equity loan to put the money in IRA. Are we reading the same question? Commented 2 days ago
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    From OPs question: "We want her to use the equity in her home to support herself" and later on "We don't need the inheritance and want her to have the money now to hopefully enjoy life a little instead of worry" Seems pretty obvious to me. Commented 2 days ago