Other than health care, one of the most substantial drains on retirement funds can be an outstanding mortgage. Years ago when homes were less expensive and older adults rarely moved, mortgage issues were less common. Today, mortgage debt among retirees seems more likely than in the past. Here are some plans, some of which take awhile to implement, to reduce reliance on a mortgage once you decide to relax and take your retirement.
There are many ways to deal with debt before and during retirement both within and outside the family. Involving dependable family members may help.
Esquire, Colliton Law Associates, P.C. Janet Colliton has practiced law for over 38 years, 37 of them in Chester County, Pennsylvania, a suburb of Philadelphia. Her practice, Colliton Law Associates, PC, is limited to elder law, Medicaid, including advice, applications and appeals, and other benefits planning including Veterans benefits, life care and special needs planning, guardianships, retirement, and estate planning and administration.