It sounds as if your mother has left you with a family treasure and, perhaps, the opportunity to take the financial sting out of being a stay-at-home mom. I suggest that you rent the beach home to cover its operating costs and to take some equity out of the property. While you may not be able to rent year-round, ideally, the seasonal rents will more than cover maintenance, insurance and a rental agent’s fee.

Assuming this is the case, I suggest that you then mortgage the property. You can borrow 60 to 70 percent of the value of the home, but I recommend that you borrow no more than the rental income can support. You could then invest the loan proceeds for income and growth. I also suggest you consider putting the property in a limited liability company to insulate your family’s other assets from any potential liabilities associated with being a landlord.

Thomas W. Hines, senior vice president, Northern Trust, Chicago

Consider renting. If the house is in tip-top shape, in a desirable location and equipped with such amenities as a pool, tennis court, media room and proximity to the beach, you could realize between $250,000 and $300,000 for a seasonal rental in areas like Nantucket and the Hamptons. In Florida, where you can rent for longer periods, you could realize $50,000 to $75,000 per month. After deducting real estate management fees, maintenance and insurance expenses and real estate taxes, and, factoring in your ability to deduct depreciation on rental income, you could net between $75,000 and $100,000 annually in after-tax income.

If you desire more equity, consider renting in combination with taking out a mortgage. The rents you receive can cover the annual payments of approximately $76,600 on a 30-year, $1 million mortgage at 6.5 percent, and you will have $1 million to use now. While this alternative is riskier, the reward is more immediate.

Edward Mooney, managing director, Bank of New York Wealth Advisory Group

If you wish to keep the property and cover expenses, plus tap into equity as a source of cash flow, you need to increase income somehow. This valuable beach property would seem to have rental potential. You need to gauge that potential and identify all operating expenses, including maintenance. Then you can determine if the expected income will cover expenses and provide a source of ongoing cash flow.

This information will also be important in determining how much equity can be withdrawn without the mortgage interest payments becoming a cash-flow burden. If a mortgage still makes sense, you would need to think through the best way to professionally manage the proceeds for current cash flow, or perhaps for longer-term growth to provide future funds for you and your child.

Mark Langille, vice president, mortgage lending, Mellon Private Wealth Management Group, Boston

One of the more common and easiest methods for accessing the equity of your home is a home equity line of credit. A HELOC is a credit line with a maximum loan amount based on the value of the home. It has advantages over other types of mortgage programs; one of them is a no-closing-cost option. In addition, borrowers need pay only on what they actually borrow against the line of credit, either an interest-only payment or fully amortized, if desired.

On completion of the draw period (10 to 15 years), whatever principal balance is owed then gets paid off on a fully amortized basis. A HELOC typically has an interest rate based on the prime-lending rate. The rate is not fixed; it will adjust up or down with the prime rate. If that is a concern, you should investigate the alternatives of a fixed-rate equity loan or a conventional fixed-rate mortgage program.

If using these last two types of mortgages, the borrower pays on the full initial loan amount and, particularly in the case of a conventional mortgage, pays closing costs. Whatever approach you take, some sort of seasonal rental of the residence could defray the loan and upkeep costs.

Mike Gross, vice president, Centennial Mortgage, Kingston, N.Y.

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