Should you pay off your mortgage before you retire? Unfortunately there’s no one simple answer to this question. Your finances and goals are so unique that the path toward your retirement will be just as tailored. The DiMora Team are real estate experts in the Novi and Northville neighborhoods and we realize that for some people, paying off the mortgage while they’re still earning income is a “must-do” to preserve limited funds once the paychecks stop flowing. However, leaving no cushion in your savings to eliminate mortgage debt could leave you financially strapped and unprepared for any unexpected expenses down the road. If you’re on a limited income every month, like social security, now that can go towards living expenses rather than funding your home. Check out below to see what sold in Island Lake Arbors in August 2020:
26362 Fieldstone Drive, Novi: 3 bedrooms, 2.2 bathrooms, 2,057 sq. feet, 2 car garage, Sold Price: $372,000
Island Lake Arbors Home Sold
August 2020
One big reason homeowners carry a mortgage into their retirement is simply that they cannot afford to pay it off by the time they’re ready to retire—at least, not without dipping substantially into their savings. For more information on Island Lake Arbors, or similar Northville or Novi neighborhoods such as Country Club Village, Blue Heron Pointe and The Villas of Northville Hills, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.