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Real Estate
Reply to "New mortgage at 45?"
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[quote=Anonymous][quote=Anonymous]Yes, but we arguably overfunded retirement accounts, we have a lot of money committed to private investments that will most likely allow us to just payoff the mortgage in lump sums over the next 10 years, and 529 plans are fully funded. [b]We had kids late, so we still need a family-size house for a while, but can always downsize when our youngest is the last one left at home.[/b] [/quote] This was a factor for us too. We moved and got a new mortgage when I was 47. We had an oopsie baby (turned out to be a blessing) when I was 45, so that set the clock back for how long we'd need a family-sized house in a good school district. Something like a second home in a location I would want to retire to, absolutely do it in your 40's or 50's. By the time you retire in your 60's, it will be all or mostly paid off by the time you retire. Either way the mortgage will seem very affordable by then. Think about how low mortgages from 2003 seem now. [/quote]
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