September 28, 2007

Retiring in Vero Beach With a Mortgage

Retiring in�Vero Beach�With a Mortgage

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It's an increasingly common dilemma.� You want to retire — but you haven't yet retired your mortgage.

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According to the Federal Reserve, among households headed by someone age 65 to 74, over 32% had a mortgage on their primary residence in 2004, up from less than 19% in 1992.

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Going into retirement and still carrying a mortgage?� Here's how to do it:

If you have a heap of savings and a modest mortgage, go for the loan payoff.� You might consider trading down to a smaller home or, work part time until you're rid of the mortgage.
If you have cash sitting in, say, a money-market fund held in a regular taxable account, also consider using these savings to reduce your loan balance.� Sure, your mortgage may be costing you just 6% and the interest might be tax-deductible. But your money-market fund is likely yielding only 5% — and you have to pay tax on that income.

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If your mortgage is so large that paying it off will seriously crimp your retirement, you might as well get the mortgage payment down as low as possible.

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Better still, trade down.� After forking over a 5% or 6% real-estate commission and paying off your current mortgage, in most cases, you could put down cash on your new home, leaving you with a smaller mortgage.� If you financed that over 30 years at 6.5%, your monthly payment would be lower.

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You might even refinance later in retirement, further shrinking your monthly payment by again extending the loan over 30 years.� Even in today's tight credit environment, you shouldn't have a problem qualifying for a new loan, as long as you have a reasonable amount of retirement income.

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