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Real Estate
Reply to "New mortgage at 45?"
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[quote=Anonymous]Age isn't the restricting factor. Your income and ability to pay the mortgage either monthly payments or pay off the loan is the restricting factor. We bought our current house with a $580K 30 year mortgage at ages 47 and 42. We refinanced it at ages 60 and 55 to a 15 year mortgage with a much lower rate (and the balance is about $380K because we took money out). So, we took 2 years off the final payment date. But we also have the finances to pay off the mortgage if we needed to. We don't want to liquidate the funds to do so, but if the loan were called, we could do so and it would lose money because we are making more on the money elsewhere than we are paying interest on the mortgage. So, if you can make the monthly payment or pay off the loan, your age really doesn't matter. Different people retire at different ages and different people have other sources of income to support a mortgage.[/quote]
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