What happens if you still have a mortgage when you retire?
It can feel relieving when it is your time to retire. Sadly, not everyone who retires has the funds to pay off their mortgage entirely. If you were one of the unlucky people who cannot pay off your mortgage by retirement, there are still many things that you can do to decrease the amount of debt monthly. You are also not alone. About 80,000 people have mortgage debt that’s three to four times their annual income in Australia.
Retiring with a mortgage means you should speak to a financial expert as there are ways to control your debt. When someone retires, there is usually a fund that is used and it is not a lot to live off of monthly. Retirement funds are not as strong as they used to be.
Mortgage and Retirement Conclusion
Mortgage House lenders have years of experience and know how to help retirees when they still have a large mortgage. If you are unsure if getting a mortgage is right for you, you should speak with a mortgage house lender. There are also ways to make additional payments that can decrease the amount of time you have left on your loan. At the end of the day, it is good to know that you are not alone and many retirees still have a mortgage to pay.