Should I Get a Mortgage for My Retirement Home?

Retirement Answer Man

Roger Whitney, CFP®, CIMA®, RMA, CPWA®

Lifeplanning, Retirementplanning, Financialplanning, Saving, Careerplanning, Self-improvement, Education, Retirementpodcast, Investing, Business, Investmentmanagement, Retirement

4.7 • 1.1K Ratings

🗓️ 15 May 2024

⏱️ 36 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Have you thought about getting a mortgage for your home in retirement? If so, have you strategized how you would pay it off?

In this episode, we explore Scott’s question about pursuing a mortgage and paying it off early. Listen in to learn some different strategies you could use if you plan to get a mortgage on your home in retirement.

OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN

PRACTICAL PLANNING SEGMENT

[2:08] Should Scott get a mortgage to build his retirement home?

LISTENER QUESTIONS

[12:13] HSA fees can be more expensive than the interest
[15:14] What should John think about when deciding on whether to get a mortgage?
[19:12] On using reverse dollar cost averaging
[22:07] Can we use Roth conversions to do RMDs?
[25:29] Understanding investment advisory fees
[29:28] Tom’s perspective on his retirement

ROCK LIFE

[33:41] On cultivating a growth mindset

TODAY’S SMART SPRINT SEGMENT

[35:00] Take your thought and do it in the moment

Resources Mentioned In This Episode

Rock Retirement Club

Roger’s YouTube Channel - Roger That

BOOK - Rock Retirement by Roger Whitney

Roger’s Retirement Learning Center

Transcript

Click on a timestamp to play from that location

0:00.0	The show is a proud member of the Retirement Podcast Network.
0:03.6	This show is dedicated to helping you not just survive retirement, but to have the confidence, because you're doing the work, to lean in and really
0:16.4	rocket.
0:17.0	Hi there, Roger Whitney here. By day I am a practicing retirement planner with over 30 years
0:27.9	experience, founder of agile retirement management and well over the last 10 years on this show you and I have the opportunity to hang out and
0:38.1	Walk through how do we actually do this retirement planning not so you can make this your job in retirement but so
0:45.2	you can have the confidence to go off and create a great life and rock it now if you
0:49.6	enjoy the show you will love our six shot Saturday weekly email where we give a recap of the
0:55.9	show we share resources that we mentioned as well as some exclusive content you can
1:01.1	sign up for that at Roger Whitney.com or Six Shot Saturday.com.
1:05.6	All right, so today on the show we're going to answer a question from Scott related to
1:09.8	using a mortgage in retirement to build their retirement home and some things he wants to consider.
1:15.4	In addition to that, we're going to answer some of your questions, and then in our Rock Life segment,
1:20.0	talk a little bit about mindset.
1:22.4	So with that said, let's get this party started.
1:28.8	It's pretty common in retirement to either want to re-nest and make your current home the environment that you want, since you're going to be in
1:37.0	it, it's your home base more than ever before, or move to a new location and create a whole new atmosphere.
1:44.3	And Scott and his spouse are doing this and he had a question related to
1:49.4	getting a mortgage to build that new home for the retirement.
1:53.2	So let's hear Scott's question.
1:55.0	Hey Roger, my name is Scott.
1:56.5	I've been retired for about three years.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Roger Whitney, CFP®, CIMA®, RMA, CPWA®, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Roger Whitney, CFP®, CIMA®, RMA, CPWA® and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.