Don’t let your mortgage LINGER this LONG

I spoke with an acquaintance yesterday who resides at the condominium where I own a unit.  She relayed to me that she knows of at least three residents who have taken out reverse mortgages.

A reverse mortgage may be a viable option under certain circumstances.  I understand the fees for such mortgages can be high.

My acquaintance told me that one of the individuals who recently obtained a reverse mortgage, in order to pay for $1,200/ month condominium fee, has an existing mortgage on the condo.  This individual is 80 years old.

I don’t have all the facts, but this 80-year-old individual apparently has sufficient equity in her home to obtain a reverse mortgage.  This 80-year-old is a widow, with no children, and no siblings, so electing to get a reverse mortgage may be a smart move on her part.

But to still be paying a mortgage at age 80?  Heaven forbid.  If I’m fortunate to live that long, I hope I would have paid off my mortgages before I retire (my goal is to pay off my mortgages by age 55).

Life as a retiree would definitely be less stressful, if as a homeowner, you don’t have a mortgage (and thus mortgage payments) still dangling from your neck.

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