#539 - Should I Get a Mortgage for My Retirement Home?

Have you thought about getting a mortgage for your home in retirement? If so, have you strategized how you would pay it off?

In this episode, we explore Scott’s question about pursuing a mortgage and paying it off early. Listen in to learn some different strategies you could use if you plan to get a mortgage on your home in retirement.

Applying for a mortgage in retirement isn’t the same as in your working years

Getting a mortgage in retirement isn’t always as easy as it is when you have a regular W2 job. It doesn’t matter how much you have in your investments, if you don’t have a regular income coming in, the mortgage company could see you as a risk.

This is why mortgage companies make retirees jump through many hoops to obtain a loan. If you know that you’ll be seeking a mortgage in the future you’ll want to plan ahead.

Listen in to learn what you should do to prepare for applying for a mortgage as well as learn some tactical strategies for paying off your mortgage early.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

[2:08] Should Scott get a mortgage to build his retirement home?

LISTENER QUESTIONS

[12:13] HSA fees can be more expensive than the interest
[15:14] What should John think about when deciding on whether to get a mortgage?
[19:12] On using reverse dollar cost averaging
[22:07] Can we use Roth conversions to do RMDs?
[25:29] Understanding investment advisory fees
[29:28] Tom’s perspective on his retirement