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If you're planning to retire, you might have some trouble qualifying for a mortgage. Here's what lenders can — and can't — consider when approving you for a home loan.
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Pays off your existing mortgage. If you still have a traditional mortgage, you can use a reverse mortgage to pay it off, eliminating your monthly mortgage payments. ... Can affect your retirement ...
Reasons Not to Pay off Your Mortgage Before You Retire. On the other hand, sometimes, you need to tend to other financial priorities instead of putting your sole focus on your mortgage. With that ...
While many understand it’s important to pay down loans, they’re often focusing on the wrong ones — prioritizing their mortgages, which have lower interest rates, rather than expensive high ...
Carrying heavy debt into retirement is a problem. Whether it’s credit card debt, a mortgage, or student loans, debt drains your retirement savings and increases stress during what should be a ...
Retirees Still Might Be Paying Mortgages Over 35% of people ages 65 to 74 are still paying off mortgages, according to the Survey of Consumer Finance. Of respondents ages 75 and older, less than ...
A cash-out refinance lets you borrow against your home's equity by replacing your current mortgage with a bigger one, giving you the difference in cash. Learn how it works — and key risks ...