![]() ![]() ![]() Aiming for a mortgage payoff date that is earlier than your planned retirement age can help you manage expenses if your income decreases unexpectedly. Making your mortgage pay-off date a part of your retirement plan will help you to manage and afford your housing costs.įor some, owning their home free and clear allows them to handle their monthly expenses and have a reserve on hand in case a financial emergency arises. Plan for your mortgage pay-off dateįor most older homeowners, maintaining their home is their largest expense during retirement, especially if they carry a mortgage. We’ve got some things you can do to keep your retirement plan on track. You can read more in our snapshot of older consumers and mortgage debt. While the share of older homeowners with a mortgage increased from 22 to 30 percent between 20, the median amount of their mortgage debt grew from about $43,400 to $79,000.įor many of the roughly 4.4 million retired homeowners with mortgages, making monthly mortgage payments on a fixed income on top of other monthly expenses is a hardship. Older homeowners are also carrying more mortgage debt. ![]() Compared to a decade ago, there are fewer older homeowners who own their homes free and clear. ![]()
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