Thinking About Your Mortgage After You Retire? Consider This :: Fifty Plus Housing

Fifty Plus Housing logo

Thinking About Your Mortgage After You Retire? Consider This

revers mortgagesHaving a mortgage can be stressful in the best of times, but amidst the fallout of a financial crisis and your approaching retirement, the stress can be greatly amplified.

Financial advisor Roger Wohlner, one of the

Equifax Personal Finance Blog experts, offers guidance. His recent article, “6 Questions to Ask Yourself Before Taking Out a Mortgage for Retirement,” suggest questions to ask yourself that might help you work through the decision process.

In summary, you’ll need to consider the amount of cash you’ll have during your retirement and how a mortgage payment will affect your budget. Wohlner also suggests that you think about the lifestyle you hope to have during your retirement. You’ll need to think beyond the cash or investments required to support that lifestyle and also consider where you want to live. Is the home you’re buying in the location you hope to call home for many years? If you hope to travel extensively, who will care for it? Should you consider a low-maintenance community?

Wohlner also suggests that you consider your heirs when taking on a mortgage later in life. If you pass away, will your surviving spouse and/or your children be able to keep the home—or at least make the payments until it sells?

Take a look at the rest of Wohlner’s information, including questions to ask if you want to originate a mortgage going into retirement, on the

Equifax Personal Finance Blog.

Be Sociable, Share!
Bookmark this post:
&topic=business_finance" target="_blank" rel="nofollow" title="Digg 'Thinking About Your Mortgage After You Retire? Consider This'">Digg 'Thinking About Your Mortgage After You Retire? Consider This'
  • Bookmark 'Thinking About Your Mortgage After You Retire? Consider This' to Yahoo! My Web 2.0
  • Seed 'Thinking About Your Mortgage After You Retire? Consider This' to Newsvine
  • 1 Comment Add your own

    • 1. Steph  |  April 14th, 2011 at 10:38 pm

      Great post!

    Leave a Comment

    Entering links here will not help or hinder your site's rankings, so please don't be a comments-spammer.

    Required

    Required, hidden

    You may use some HTML in your comments.

    Trackback this post  |  Fifty Plus Housing: Comments-only feedSubscribe to the comments-only feed

    Saturday November 17, 2018

    Enter your email address:

     Subscribe in a reader

    Please visit our sponsors: Flammer Relations logo
    Put your ad here.

    Most Popular

    Recent Posts