Apr
08

If You’re Pondering A Mortgage in Retirement, Consider This

April 08, 2011

Chicago real estate mortgageTaking on a new mortgage to purchase Chicago real estate can be stressful even in the best of times. Add the fallout of a financial crisis and your approaching retirement, and you can multiply the normal stress many times over.

Financial advisor Roger Wohlner, one of the experts at the

Equifax Personal Finance Blog, offers guidance. His recent article, “

6 Questions to Ask Yourself Before Taking Out a Mortgage in Retirement,” suggests—you guessed it—six questions that might help you work through the decision process.

In summary, you’ll need to consider the amount of cash you’ll have during your retirement and how a mortgage payment will affect your budget. Wohlner also suggests that you think about the lifestyle you hope to have during your retirement. You’ll need to think beyond the cash or investments required to support that lifestyle and also consider where you want to live. Is the home you’re buying in the location you hope to call home for many years? If you hope to travel extensively, who will care for it? Should you consider a low-maintenance community?

Wohlner also suggests that you consider your heirs when taking on a mortgage later in life. If you pass away, will your surviving spouse and/or your children be able to keep the home—or at least make the payments until it sells?

If you’ve decided to go ahead and take the leap, Wohlner also presents questions to consider about your ability to obtain a mortgage and the best types of mortgage to get. Take a look at his guidance at the

Equifax Personal Finance Blog. We’d love to know your thoughts about taking on the responsibility of a mortgage at this stage of your life.

About The Author

Read All Stories By Carol Morgan

Carol Flammer is a public relations and social media marketing expert, strategist and consultant. With 20 years of experience, Carol has established herself as the “go to” for real estate and construction products public relations and social media. Carol is president of Flammer Relations, Inc., and managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Atlanta and Chicago.

1 Comments

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Thanks for including my post in your blog.

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