Most financial professionals would tell you that analyzing your budget prior to retirement is imperative. What will your lifestyle be like, and what sort of income will you receive? Since most of the time your retirement income is fixed, it’s beneficial to discuss the role your mortgage plays in your later years. Many homeowners set a goal to have their home paid off either around the time they retire or shortly thereafter. However, with mortgage interest rates as low as they are currently, a savvy investor can experience returns that far exceed the cost of borrowing money against their home.
Helping dreams become reality
We were able to help a lovely couple recently who decided to do exactly this – finance their retirement home purchase rather than depleting their assets. They locked in a low 3.875% 30-year-fixed-rate to keep their monthly payment as low as possible. This will help them budget and live comfortably once their income becomes fixed with pension, social security, and annuities.
Take a gander at this spectacular view of the Chesapeake Bay. This lovely couple earned the privilege of having their morning coffee while peering out over Maryland’s largest body of water.
To discuss your options in terms of downsizing, or finding that perfect home for the twilight of your life, call 301-327-5817.