Easy Income for Retirement!?

Want some easy (income) money?
Aged 50-65 with a paid off house.
If you trust Telstra to be fairly reliable (I consider it a buy on fundamentals)…(or it could be other stocks)

Then consider the following:
Borrow not more than 80% of value of your house, and FIX the interest rate for 5 years (removing interest rate risk, and 5year rates are now "cheapest in ones adult lifetime").
So, lets say (to simplify the sums) you borrow $1M (i.e. house valuation >$1.25M).
Fix interest at 5.14% for 5 years (most banks are at or close to this).
Buy $1M TLS at todays price of $5.60 (i.e. 178,571 shares).
Current annual div 29cps fully franked
Year#1 - annual income (incl franking credits): $74k minus annual interest -$51.4k - NET INCOME $22.6k
all the way through to ..
Year#5 - annual income (incl franking credits): $74k minus annual interest -$51.4k - NET INCOME $22.6k
So with even zero growth in divs and zero increase in share price, you get 5 years of NET INCOME $22.6k (before any individual tax).
And at the end of year#5 the shares equal the loan.

IF TLS divs and share price grow by 5% per annum for 5 years, then it gets better, and ...
Year#5 - annual income (incl franking credits): $89.9k minus annual interest -$51.4k - NET INCOME $38.5k
And at the end of year#5 the shares are worth $1.215M the loan is still $1M, so net capital (pre any CGT liability) is $0.215M.

My points:

1. Now is the time to borrow (but fix a competitive rate for 5 years or thereabouts)
2. TLS is a buy (this scenario yields positive income up to TLS share price of $8 - I am NOT suggesting $8 target for TLS, but this type of analysis suggests lots of upside from $5.60)

My qualifications to the points above:
1. this is NOT "financial advice"
2. implementing such a strategy should not be on a single stock - i.e. spread your stock risk (note that a lot of stocks will give you better than your current borrowing cost of 5.14% )
3. I have not included transaction costs in the above but they are small in the context (approx $3k start-up, $2k at end)

Comment eagerly sought!
Shoot me down if you disagree!!
DYOR