Mortgages and Retirement
Mortgages and Retirement. A growing number of retired Americans have more mortgage debt, less affordable loans and are at a greater risk of foreclosure than prior generations, the Consumer Financial Protection Bureau said in a new report.
What’s the big deal about having a mortgage during retirement?
Income typically falls during retirement, so you have less money to pay your mortgage.
More than half of retired homeowners with mortgage debt spend 30 percent or more of their household income on housing.
Home equity is a primary, and sometimes only, asset for retirees. Less home equity results in less financial security and greater financial risk.
About 80 percent of Americans age 65 and better own their home. The percentage of homeowners with a mortgage rose from about one in five to nearly one in three between 2001 and 2011.
The median amount they owed rose from $43,300 to $79,000 between 2001 and 2011.
What To Do To Protect Yourself
The CFPB suggests three things to protect yourself and your home:
1. Know your mortgage pay-off date.
If you don’t know it, call the phone number on your monthly statement and ask your mortgage servicer.
When you refinance to get a better interest rate, opt for a shorter mortgage term so your loan is paid off before you retire.
2. Guard your home equity.
Consider other options, like downsizing, before taking out a home equity loan or doing a cash-out refinance. Mortgages and Retirement.
3. Know your retirement income and expenses.
Most of us have less income when we retire. Run the numbers by doing a monthly budget before you retire, especially if you’ll have a mortgage to pay. Mortgages and Retirement.
CT Mortgages
About Deborah Laemmerhirt
Let me assist you in finding everything you need to know about buying or selling a home! As the preeminent real estate professional in my community, I am dedicated to providing the finest service available while breaking new ground.
Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game.
I go the extra mile to help you achieve your goals. That’s why I constantly research the home, market and estate values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative marketing techniques to attract potential buyers.
As an Internet-savvy real estate representative in Connecticut, I’ve had the opportunity to help many home buyers find their ideal homes and many sellers obtain top dollar for their homes. Buying or selling a home is one of the largest financial transactions that most people ever undertake, so I will help you through every step of the process. My goal is to make your home selling or buying experience as easy and enjoyable as possible.
My services include:
Explaining the home selling and buying process thoroughly
Diligently selecting homes that meets your criteria
Pricing your home correctly and implementing a unique yet proven marketing plan
Negotiating on your behalf
Tracking the closing process to ensure a smooth transaction
I welcome the opportunity to address any questions you might have about buying, selling or current market conditions. Please call or e-mail me any time, and I will be happy to discuss your next steps in the buying or selling process.
I specialize in both Residential and Commercial Properties.
I also head a Real Estate Group to provide you with expert service and support.
Areas of Expertise
Making transitions in your life is challenging. You may be moving from out of town, a different state, internationally or just next door! Regardless of the distance I am prepared to respond to your unique needs.If you are a BUYER looking to downsize, up-size, want a new construction, desire a condominium, to invest, even if this is your first home, I will design a unique plan to fulfill your needs in a reasonable time frame, with the best negotiated price and the least amount of inconvenience.For my Home Sellers, I have an innovative marketing plan that will leave nothing to chance. Just call, and I would be happy to share the DIFFERENT and SUCCESSFUL TOOLS I utilize on each of my listings.
I have lived in Connecticut for over 35 years. I practice Real Estate in Fairfield County, New Haven County and Litchfield County. This includes, but is not limited to Bethel, Bridgewater, Brookfield, Danbury, Harwinton, Kent, Litchfield, New Fairfield, New Milford, Newtown, Oxford, Ridgefield, Redding, Roxbury, Sherman, Southbury, Warren, Washington, Westport and Wilton.
