Retirees Face Mortgage Questions

When entering into retirement, many people have plans. Financial planning, hard work and a little bit of luck can go a long way when considering what to do after retirement. But the question that is facing many retirees is in regards to their mortgage. Do they take a lump sum from available funds and payoff the mortgage, leaving them without the monthly payment? Do they sell the home, bank the funds and rent, or even refinance their home to a lower monthly payment, though they might not be paying principle toward the debt?

The questions can only be answered individually, since every retiree has a different situation. Most financial planners can assist in making the decision when going into the golden years. If the funds are available and the lack of them will not negatively affect the homeowner, paying off a mortgage can be a great decision. If a lump sum is needed, but the homeowner prefers to retain their house, refinancing at a lower or interest only rate can be beneficial.\r\n