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Many financial advisors urge to seniors to pay off their mortgage before retirement
2010-04-30
Retirees may gain more financial benefits by paying off their mortgage before they retire, according to Bankrate.com. Some financial experts say that paying off a home will protect seniors if the market falters again.
"Retirees are more vulnerable to volatility in the market. If individuals enter retirement mortgage-free, there is much less pressure on the portfolio during potentially volatile times," Prestige Wealth Management Group CEO Roy Williams told Bankrate.com.
Retirees may also need the equity from their homes to help build retirement income. Retirees who have paid off their homes can receive equity through a reverse mortgage. A study conducted by the National Retirement Risk Index shows that many retirees may need equity to maintain their pre-retirement standard of living. The study shows that Social Security benefits and 401(k) income may not be sufficient to preserve the same living standards.
Pre-retirees considering a reverse mortgage should examine their finances and account for current and future debt as well as retirement savings when weighing their mortgage options.
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