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1. www.thebalancemoney.com › should-you-own-your-homeIs Becoming Mortgage-Free the Right Move? - The Balance

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   Dec 5, 2021 · If your income has increased, and you’re financially comfortable, maybe it is a good move to start working toward being mortgage-free. You could make a higher monthly payment toward the principal and shorten the length of the loan. That would allow you to pay off your mortgage sooner and save money on interest over time.

2. www.sunlife.ca › en › tools-and-resourcesSave For Retirement Or Pay Down Your Mortgage? | Sun Life

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   Nov 23, 2023 · Let’s assume you’re applying an extra $26,500 to your mortgage. That's the average lump-sum payment made by Canadians allocating extra to their mortgage in 2020. Let’s say you have a 5% mortgage on your home. The extra amount you’ve applied to your mortgage is equal to a 5% after-tax return on your money.

3. www.canadalife.com › investing-saving › mortgages5 things to consider when retiring with a mortgage - Canada Life

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   If you’re over age 55 and own a home, you may be eligible for a reverse mortgage. If you’re married, both of you must be age 55 or older to qualify. Unlike a regular mortgage, a reverse mortgage allows you to access money using the equity in your home – without forcing you to sell. In fact, you may be able to borrow more than half the ...

4. www.zolo.ca › blog › mortgage-free-retirement-optionHow to Ensure You're Mortgage Free in Retirement | Zolo.ca

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   • How Do You Know If Mortgage-Free in Retirement Is An Option?
   • How Can You Ensure That You’Ll Be Mortgage-Free in Retirement?
   • Just 15 Years Until Retirement, What Are My Options?

   Statistics Canada numbers show that 34% of retirees over the age of 55 still hold some debt. While this can include a home mortgage, a car loan, a personal loan or a Home Equity Line of Credit, the key is to prevent this debt from letting you realize the next stage in life. To prevent negative repercussions of debt in retirement, it’s best to exami...

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   Knowing your financial situation gives you a better idea of your options pre- and post-retirement. For instance, if you want to be mortgage-free in the years when you’re not earning an income, you may decide that making extra payments toward that debt now would be best. You’d be surprised at how quickly you can decimate your mortgage with a few ext...

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   Let’s look at an example. A 43-year-old female bought a home for $500,000 just a decade ago. She has a year remaining until her fixed-rate mortgage term is up for renewal. The remaining mortgage is now around $300,000, and she would like to retire in 17 years, at the age of 60. Using a mortgage calculator, our homeowner learns she has 14 years unti...

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5. fortune.com › recommends › mortgagesShould you have a mortgage in retirement? Pros and cons ...

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   Dec 29, 2022 · When it might make sense to carry a mortgage into retirement . For many retirees, being free of mortgage payments in time for retirement is becoming a thing of the past. The oldest segment of baby ...

6. www.ratehub.ca › blog › can-you-pay-off-yourCan you pay off your mortgage by age 40? - Ratehub.ca

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   Nov 2, 2020 · Minimizing your mortgage rate is one of the best things you can do to reduce the overall cost of your mortgage, which can help you pay it off sooner. There are many ways to get a lower mortgage rate, but we don’t have time to cover them all here. Here are the main approaches you should consider, with links to more information:

7. People also ask

   Can you have a mortgage in retirement?

   • There are ways to manage having a mortgage in retirement. Alternatives to having a mortgage in retirement include downsizing your home, a reverse mortgage or renting a home. What's in this article? What are the pros and cons of downsizing in retirement? What's next? Retirement is a time to celebrate.

   5 things to consider when retiring with a mortgage - Canada Life

   www.canadalife.com/investing-saving/mortgages/things-to-consider-when-retiring-with-a-mortgage-in-canada.html

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   Should you pay off your mortgage before retirement?

   • For many retirees, being free of mortgage payments in time for retirement is becoming a thing of the past. The oldest segment of baby boomers—individuals born between 1946 and 1951—are far less likely to have paid off their mortgage prior to retirement, according to TIAA. And in some cases, that may be a deliberate decision.

   Should you have a mortgage during retirement? - Fortune

   fortune.com/recommends/mortgages/should-you-pay-off-your-mortgage-before-retirement/

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   Should you use your free cash to pay down mortgage debt?

   • With a rate that low, using your free cash to pay down mortgage debt may not be as financially valuable as investing the money instead to develop a passive stream of income that you can rely upon during retirement years.

   Should you have a mortgage during retirement? - Fortune

   fortune.com/recommends/mortgages/should-you-pay-off-your-mortgage-before-retirement/

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   Can you stay in your home if you have a mortgage?

   • You can also stay in your home and earn income by renting part of it, like the basement. But what if you want to stay in your home? Spending your excess money to pay down your mortgage will leave you with less cash on hand (i.e., liquid funds).

   Save For Retirement Or Pay Down Your Mortgage? | Sun Life

   www.sunlife.ca/en/tools-and-resources/money-and-finances/saving-for-retirement/save-for-retirement-or-pay-down-your-mortgage/

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   Should I renew my mortgage if I'm retiring?

   • If you’re retiring with mortgage payments, it may be time to speak with an advisor, who can help make your money work effectively by prioritizing debt payments or if necessary, renewing a mortgage after retirement. If your mortgage has a variable interest rate, and interest rates are rising, you may find your mortgage payment increasing.

   5 things to consider when retiring with a mortgage - Canada Life

   www.canadalife.com/investing-saving/mortgages/things-to-consider-when-retiring-with-a-mortgage-in-canada.html

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   Should I refinance my mortgage?

   • If you want to increase your payment size more than your lender allows, you may need to refinance your mortgage. It will be easier to pay off your mortgage faster if your mortgage is smaller, and buying a smaller home is the easiest way to reduce the size of your mortgage.

   Can you pay off your mortgage by age 40? | Ratehub.ca

   www.ratehub.ca/blog/can-you-pay-off-your-mortgage-by-age-40/

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8. smartasset.com › retirement › should-you-be-mortgageShould You Be Mortgage Free When You Retire? - SmartAsset

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   Thinking about retirement? Wondering when you can retire? SmartAsset helps you determine if you need to be mortgage free in order to retire comfortably.