Mortgage Money
Thursday, August 2nd, 2007
Older folks, those of you beyond 35, have most likely bought a home and are paying off a mortgage. This gives you some options. If you are not too many years into your mortgage you could sell the house and get out from under the payments. Where will you live if you do that? I’ll get to that later.
If you are more than halfway through paying off your mortgage and can borrow against your equity that may be the way to go. I’ll have some ideas for you later too.
What I want you to do is rearrange your assets so that by the end of your first year you are out of debt, have some savings and your only bills are living expenses for food, utilities and maybe rent. It will be a rather drastic change for most people, especially those beyond thirty-something who have become used to a secure routine of having a place to come home to after work each day. However, this will be an adventure and such things require risks.
Making lists is a good part of planning. Get your financing plans written down and next time I will talk about some more things to be accomplished during the first year like, what do we do with the kids?
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It is a particularly nice day here on the coast of Maine. I walk two miles next to the ocean almost every day and sometimes take it all for granted. The little islands I pass do their best to attract attention. The picture with this post is one of them showing off.
