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Reply to "Mortgage recast vs extra payments"
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[quote=Anonymous][quote=Anonymous]Some commenters can’t seem to understand that most people cannot continue to afford their mortgage payments once they retire. Now that rates are so high they also likely can’t afford to move. Best option to maintain lifestyle - not grow wealth that’s not what this is about - is to recast while still earning so that they can lower the monthly to a manageable amount for retirement years. [/quote] This describes us. We have equity in a second home (that has been appreciating). My current plan is to sell that house when we retire, take the $500K in after-closing-cost equity, and pay down our house mortgage here. That's because that $500K would yield only (on a 4% draw) $20K annually. And $20K a year isn't enough to help us with our monthly expenses. By paying down the mortgage, we will feel more able to live within our retirement income. [/quote]
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