Retiring With A Mortgage
So many believe in paying off their mortgage rather than using it as a financial tool. Suze Orman talks about being debt free yet a homeless person is debt free but has no wealth.
Here is a good article from the Sun-Sentinel today – “Some boomers to their mortgage: ‘Til death do us part‘”
“More South Florida baby boomers are retiring while still paying mortgages — and some expect to make house payments into their 90s, mortgage brokers and financial planners say.”
“In fact, financial planner Anderson Wozny, whose firm has offices inBoca Raton and Miami, recommends retiree clients keep making their monthly payments. “A mortgage is a valuable tool,” he said, allowing retirees to keep cash on hand to pay for home repairs and other emergencies. Many homeowners have gotten into trouble after plowing their savings into paying off their homes, he added. “Then they don’t have money,” he said.”