With the state of the housing market and rising interest rates, a lot of retirees have questions about their house and how it fits into their overall retirement plan. For many of us, we may feel our house is our biggest asset and is a big part of the financial equation.
With the Fed raising interest rates should you pay the house off as fast as you can or keep with your minimum payment? Dale recommends paying it off as soon as possible, you’ll save thousands in interest and you can enter retirement without that burden. Traditionally, a lot of retirees consider downsizing once their family moves out. But in our current market you may end up paying just as much for a smaller home. As with anything though, the answer to these questions will depend a lot on your situation and retirement plan. On today’s episode, we discuss these common housing questions and more.
Read more and get additional financial details here: http://retirementplaybookpodcast.com
What we discuss in this episode:
0:50 – Golf season!
1:09 – Should you pay the house off ASAP?
4:35 – Should you downsize?
7:28 – Using your home as an emergency fund
8:36 – Signing the house over to the kids
10:46 – How it fits into the estate plan
12:21 – Make your wishes clear
14:15 – Looking into a reverse mortgage