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Sell house and pocket ~400k. This removes your largest liability. Buy something modest for 200k and invest the rest for retirement. This removes the mortgage payment from the budget and should smooth over impending unemployment.
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Yes. . .I don't know where you live. . .but if you have no children. . .I agree with jIMOHIO to liquidate the house.
Unless you live in an area where $550,000 doesn't get you much. Where do you live?
I'd avoid refinancing if at all possible. The truth is I think it may be more than 3 years to get a 20% return (you are asking your house to appeciate 20% in 3 years to reach $650,000).
I think housing will be flat, very flat, for a long time. . .if you liquidate your house to something more modest. . .you can at least be earning a positive rate of return in stocks + bonds.