Home ReFi 2 steps back? Moving from a 15yr to 30yr/7-1...smart?

[Jason Sebastian]

I have 10 years left in my 15yr@3% mortgage. My home has $400k+ equity. My plan was to cash out 60k and move to a [email protected] loan. I will put the 60k into a mature whole life plan that is currently giving 6.5% on any money I deposit. (The whole life money is fully available immediately, at any time, for any reason and can be taken out tax free) I was also planning on getting a HELOC for short term financing deals or rehab on a brrrr. My monthly mortgage payment will drop, allowing an extra $600 month for cash flow/investment saving. If I do the ReFi I will be positioned to move quickly on a deal and will be earning safe interest on the cash in the meantime, but, I'm getting cold feet. The long term savings of my current mortgage over starting over again with a higher % is astounding ($130k). 10 years will happen quickly, the house will be paid off. It will take me 5 or 6 years to save 60k at my current rate, I could invest then... Thoughts?