is it wise to borry on my home equity

I recently paid off my mortgage. my home was appraised at 175,000. I refinanced 40,000 to pay off all credit cards and paid cash for a new car. my only monthly expenses is the 450 $ loan payment along with utilities , car insurance and general cost of living. I have a credit score of 765 and ive held the same job for 27 yrs. and have decent retirement benifits. Im considering refinancing enough to pay off the 40,000 along with 20 to 25,000 extra to use for down payment on a forclosure investment property with prices so low. I think this would provide me extra income as prepare for retirement in a few years and provide a small income for my grandchildren. Is this a wise move ?