Old REALTORS® don't retire, they just go out of commission.
Retirement financing ideas for REALTORS®, and others.
Can anyone retire with a balance on your mortgage? One of the concerns at retirement is the remaining balance on "the" mortgage. When your income drops at retirement, how do you continue to make the mortgage payment?
I just watched a video that was interesting. It shows that many people retire with a balance due on their primary residence mortgage. Even if there are only a few years left to pay off the mortgage, that can cause a financial hardship. This is because while the owner's income usually decreases in retirement, mortgage payments don't decrease. Apparently this has caused older owners to have foreclosure problems. (Pause on the graphs in the video.)
But there appears to be an option that is worth exploring. I watched the 2+- minute video, linked below, that shows how a reverse mortgage can not only provide a positive alternative, but it can also provide a sort of equity loan/reserve builder for owners who are at least 62.
Being close to that age myself, I thought it was an interesting way to plan for retirement as a REALTOR®. Right now though, I don't plan to go out of commission - for a long time.
http://bit.ly/ReverseMortgageInfo - The video I watched is by:
Bob Tranchell, Director of Reverse Mortgages,
Phone: 800-497-5235| Fax: 508-445-0090 Cell: 508-367-5731
His NMLS ID: 286716
Heath Coker, Associate Broker
Robert Paul Properties
www.CapeGroup.com / firstname.lastname@example.org
508-274-5613 Licensed in MA
Its a beautiful day on Cape Cod!
@CapeGroup Skype: heath.coker