Anonymous wrote:We refinanced our 30-year mortgage at age 49 to get a better interest rate. Doesn't impact our plans to retire when we are both 57.

+1 Refid during covid. 2.75% 15 yr fixed. We were both in our 50s. Also will retire in a couple of years, when we are 50s/60.

But, that's not the situation now where rates are high. I would not get a new mortgage at a higher rate, but if you are buying/selling, then what choice do you have?

Sure, and car loans and credit cards. Expensive lifestyles need lots of debt if savings/income aren’t there. Personally, I wouldn’t do it but I live modestly.

Anonymous wrote:

Anonymous wrote:This place is full of financial fools.

Meaning what exactly since I'm assuming YOU are not one of us financial fools?

Meaning until a year or two ago interest rates were 2%. It's free money.

Many people do, OP. My husband was 45 when we bought our first home with a 15 year mortgage.

Anonymous wrote:Would you take out a new mortgage at the ripe old age of 45? Truth be told, none of us knows when our working days will be over - we could face age discrimination or ill health. Would you take the risk to buy a new home at that age or is it over for me? Income and down payment are available.

No way. But we have college to pay for. So, if you have kids: no. If you don't have kids: maybe.

Yes 45 isn't old. Lots of people upgrade homes with a new mortgage in their late 40's to early 50's. We upgraded to a big SFH with a mortgage in my late 40's.

If you're still working, then you can keep paying it off. If you retire early, then you can move if you want. Many people never make that last mortgage payment. They move before the loan term is over and it gets paid off at settlement. Just do whatever works best for you now, providing you can afford it.

We have family member who took a 30 year out at age 76 when rates were very low-it was a lot of paperwork, but ultimately he got the mortgage. Why pay cash, which he had, when interest rates were so low?!

I took a 30 year at 55. No biggie

Anonymous wrote:

Anonymous wrote:Sure, why not?

I guess my concern would be that I’ll be laud off and don’t find another job at age 55 or whatever. By the same token I could be promoted.

So sell the house under that circumstance. Assuming you can’t find another job.

10 years is plenty of time to recoup the closing costs of buying and selling.

Anonymous wrote:This place is full of financial fools.

Meaning what exactly since I'm assuming YOU are not one of us financial fools?

Anonymous wrote:Would you take out a new mortgage at the ripe old age of 45? Truth be told, none of us knows when our working days will be over - we could face age discrimination or ill health. Would you take the risk to buy a new home at that age or is it over for me? Income and down payment are available.

Just don't chew more than you can swallow. Inly buy something you can retire at, pay size able down, try to pay extra with every bonus you get, don't remodel or redecorate until you pay off. Buy in a good location with good resale so if something happens, you can easily sell without a loss.

This place is full of financial fools.

We took out our last mortgage at age 46 and we didn’t take out a new mortgage when we moved at age 62. When interest rates were 2-3% a few years ago it was a no brainer to take out a mortgage. At 7% that’s different.

most people work until they are least 65 so this doesn't sound crazy. If one need to sell right at retirement, 20 years of mortage payments should have made a pretty good dent into the mortgage.

Some company gave my mom a mortgage at the age of 75. To be fair, it was only for $150k or so and she paid the rest in cash.

But yes, OP, it's fine to take out a mortgage now. If you think you can keep paying it into retirement, then you can plan on staying there. If not, then you'll just downsize when you retire, and you're probably going to downsize at some point anyway, this would just be a few years earlier.