One of the best things you can do for yourself before you retire is to pay off your house and debt so that is one less stress factor.
A lot of people make the mistake of buying a mortgage too high for them to pay off before retirement which has some pretty steep consequences. When retired you will not be making the same money you were before so you'll be even more pinched for money if you decide to retire before paying off your mortgage. It's very important when agreeing upon the term on the mortgage that you keep in mind when you want to retire. I've heard some horror stories of elders getting their homes repossessed due to not being able to pay the mortgage. I've also heard stories where the home owner died and the debt went to the family.
If you retire when you plan to retire will your home be paid off? If not how much will you still be owing on your home and how to plan on having the money necessary to pay off your mortgage?
A lot of people make the mistake of buying a mortgage too high for them to pay off before retirement which has some pretty steep consequences. When retired you will not be making the same money you were before so you'll be even more pinched for money if you decide to retire before paying off your mortgage. It's very important when agreeing upon the term on the mortgage that you keep in mind when you want to retire. I've heard some horror stories of elders getting their homes repossessed due to not being able to pay the mortgage. I've also heard stories where the home owner died and the debt went to the family.
If you retire when you plan to retire will your home be paid off? If not how much will you still be owing on your home and how to plan on having the money necessary to pay off your mortgage?