How long has it been since you’ve seen one of those mortgage-burning pictures? It was once a big deal, especially with the Greatest Generation.
There was no joy like that last mortgage payment, and our parents prided themselves on burning that paper, hopefully before they retired.
These days, baby boomers increasingly are carrying that debt into retirement.
And while there are pluses to that (the interest rate deduction for some), many financial planners now advise their clients to pay off the mortgage. But they are much more concerned with credit-card, auto-loan and student-loan debt.
The potential problem is that limited retirement income may make it difficult to keep those mortgage payments current post-retirement.
The suggested solution - direct more money now towards your mortgage. Get a second job, if you have to, and postpone retirement if you can.
Good advice? I don't know, but as I get closer to that retirement day, it's something I am going to think of.
Read the full article here.
For your next commercial real estate transaction, house purchase, mortgage refinance, reverse mortgage, or home equity loan, contact us. We can help. Located in Fairfield, NJ, we are the title insurance agent that does it all for you.
For your next title order or
if you have questions about what you see here, contact
Stephen M. Flatow, Esq.
Vested Land Services LLC
165 Passaic Avenue, Suite 101
Fairfield, NJ 07004
Tel 973-808-6130 - Fax 973-227-0645
E-mail sflatow AT vested.com
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