Should Charlotte carry a $200,000 mortgage into retirement or sell her home and rent?
News Source : Financial Post
News Summary
- Deciding whether to keep a $200,000 mortgage into retirement or sell your home and rent at a higher monthly cost is a significant financial choice.
- To compare renting versus owning fairly, compare your annual rent to five per cent of your home’s value.
- If rent is higher than 5 per cent, buying or keeping your home may be better financially.
- But if rent is lower, renting could be better.
- Many people sell at retirement to improve cash flow and flexibility, especially if planning to downsize or move.
Q. I was divorced three years ago at age 53 and am currently trying to decide when to retire. Id like it to be sooner rather than later, but I need to decide whether to continue paying a $200,000 mor [+5096 chars]
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