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Homeowners hanging onto mortgages in their latter years.
I just reviewed my credit report and 80% of my monthly debt is associated with my home in the form of a first mortgage (4%/30yrs) and home equity (3%/15 yrs). I recently took out a first mortgage on my (free and clear) home and used the cash to purchase a (free and clear) retirement property. I will eventually sell or rent the first property, but in the meantime I feel as though I am shuffling the credit/equity deck in my favor.
Rates are low and having cash allowed the deal on the second home to go through smoothly.
I make my own coffee, don't smoke, love to cook (eat in), don't subscribe to cable and I take these savings and pay my mortgage. Works for me!
Comments
Rates are low and having cash allowed the deal on the second home to go through smoothly.
I make my own coffee, don't smoke, love to cook (eat in), don't subscribe to cable and I take these savings and pay my mortgage. Works for me!
OJ