Do you fork cash over to a landlord in exchange for freedom of responsibility for residential maintenance, or take out a mortgage and shell out monthly for the pride – and eventually financial payoff – of homeownership?
As you near retirement, you may foresee a need for more money in the golden years than your savings can handle. You look to use Social Security, careful withdrawals from qualified accounts and maybe annuities. Can you also use one of your biggest assets: your home and its equity in the form of a reverse mortgage?
For most of us, our home is the largest investment we ever make. Counter your understandable butterflies at such an outlay of money by knowing as much as you can about the process in advance.
Dream of hanging your hat on a rack that you own? Purchasing a home is a financial decision and an emotional one – and buying at the wrong time or for the wrong reason can mean a big mess. Here are factors to consider before you sign that dotted line.
The idea was logical enough: The government should step in to restore the housing market, which the financial crisis had crippled. Too bad that these seemingly noble efforts were ineffective.
Retirement is not what it once was. Inheritance is no longer a sure thing to fund your golden years. Paying off a mortgage, once a rite of passage for retirees, makes less sense today. And forget the old saw that 65 is the right age to retire. Increasingly, people are shying away from a date certain.
The housing comeback from the Great Recession has been long and slow. Now, finally, it looks as if we are finally getting some traction.
Taking out a mortgage is a costly enterprise, with fees you probably don’t expect. It pays to know what you are in for when applying. Since the housing bust, many lenders tightened their standards, which means more hurdles for you.
Spring – a time for fresh starts and, for some, a new home. Before you head out to open houses, your first question should be: Should I own a home at this time? Your second: Or should I remain a renter?
Should you invest with your spare cash or pay off your mortgage early? As with most financial planning decisions, the answer is not black and white.