Is paying off your Mortgage the best option?

Is paying off your mortgage the best option?

It depends.

Everyone has different goals and needs in retirement. There is no one size fits all solution.

The value of an educated, trusted inner circle who understands the full desired retirement picture can significantly increase the chances of a peaceful, exciting and rewarding golden years.

A quick and thought provoking read by Terri Williams, “Mortgage Paid: Sell or Stay?” (LINK) highlights potential reasons for selling the home or choosing to age in place.

The good news regarding a reverse mortgage is the homeowner always maintains the right to sell the home whenever the time is right and has the option to pay on the loan balance at any time. This is a drastic difference from a traditional loan that requires non-negotiable monthly payments.

The requirements of a reverse mortgage are simple:

• Continue to pay property taxes and home insurance.
• Continue to maintain the home.
• The home must be the primary residence.

For some selling the home is the best path, but for others it is staying surrounded by all the memories of the home over the years.

Please give my team a call so you know exactly how a reverse mortgage works and then can decide if it should or should not be part of the retirement plan.