Quote:
Originally Posted by The Fisher Account
Not sure if this was the same lady that was on CTV.. but yeah big head shaker there.
Really drives home the ‘don’t retire unless your mortgage is paid off’ rule.
I can’t imagine being in my late sixties and have to reup for another 30 years just to afford to live in my house. Bananas.
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Could also be a sign she should have sold the place and downgraded to a cheaper one and lived mortgage free.
That being said, she may not even be able to afford condo fees. I'm assuming that she brought her current home 30ish years ago, which means the cost couldn't have been not than $150k or so. Payments couldn't really be much more than $1500/month? Also how much is left on the mortgage? $40k? Rising payments due to increases interest rates on a mortgage like that wouldn't be that extreme.
Sounds like she must have added to the mortgage at some point or maybe wasn't paying down the principle for a long period of time. Either way it sounds like they haven't factored in a relatively small increase in payments due to inflation into their retirement and/or made some questionable calls with their home financing along the way.