Reply to Mortgage in retirement?

Forum Index » Eldercare

Reply to "Mortgage in retirement?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]Let me preface this by saying that I tend to be a bit financially conservative and have always expected to have a paid off home once I hit retirement.

Now I’m about a year out from buying a retirement home and looking at prices need to make some choices. To afford something without a mortgage in the area where I want to retire, I would need to either live further out (20-30 minute drive from shopping and activities) or buy something older that will need more maintenance and repairs and that would not have garbage or storage that I would need. Alternatively, if I take out a mortgage I can buy something in better condition, that has a garage and is close to amenities. To pay for the mortgage, at least during the first 8 years or so until I take social security (I plan to retire a little early), I would need to bring in income, whether by consulting in my industry or renting rooms or some other side hustle. There is also the possibility that I would get an inheritance that would allow me to pay it off, but I don’t want to count on that.

So the choice is working than intended, at least on a part time basis, and perhaps worrying about income coming in, but with easier living in terms of less home maintenance, less driving and greater access to community. Versus not worrying about paying for a mortgage but having a more difficult lifestyle in terms of more effort and driving to socialize, shop, etc. And more home maintenance work.

Has anyone made this choice one way or the other and would you make it again?[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics