2nd Mortgage Story

We have our house completely mortgages worth about $ 550K. We believe that we would take early retirement at the beach. Currently, there are beautiful homes with land in the area of $ 175k. It is better to have adequate housing for the total cost of the house on the beach and a few other minor charges (about $ 75K two cars and a division of time) or continue to pay the debts of an individual and add a mortgage the house to the sea? The ultimate goal would be to install a second house and then sell your current home to pay the balance and then put the rest into an investment with monthly dividends to use as a retirement income until the retirement age, and maybe get a part-time job. I would like to suggest a first mortgage. You do not want to risk their first home if finances were a radical change. I am a broker MTG. I have a fixed HELOC and combine all their debts with him. If you pay all debts separately, to pay interest on cars, credit cards, etc are not deductible. MTG his debt.