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Paying Mortgage. How Do You Get By??

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  • Paying Mortgage. How Do You Get By??

    I'm looking to retire age 51 with about $2.5 K per month pension. Wifie gets $1.6K SS income.

    I calculated mortgage for a mediocre home at $255K and $1,995 per month payments including property taxes.

    Can I get by? I plan on working in addition to retirement. But the key is to live in a decent area so my 13 year old kid graduates from a decent High School. also it's Morris County, NJ where jobs are good.

  • #2
    Oh. It is so hard.


    • #3
      1995 USD per month is a pretty good price for a mortgage. I recommend you to see more offers and choose the best one. You want to work even if you are retired, great. So did my parents. They wanted to buy a house in Hull, a town in the Yorkshire and the Humber region, and needed a mortgage. My parents also have a pension of around $ 2,000 each, so it was perfect for a mortgage. But besides that, they were working an online job with a flexible schedule, and it was very easy for them to pay their mortgage offered by Mortgage Advice Hull. They had to pay $ 1,500 a month - a very good price. Now my parents live in their dream house A small house near the forest.


      • #4
        As for pensioners, I have realized one thing - for them, ordinary loans and mortgages are not profitable at all. Firstly, it is much harder for them to repay them, and due to the fact that they will close the loan for a long time, a lot of interest will accumulate and they will also have to overpay. I am also now 65 years old and a few years ago I found an alternative for myself - reverse mortgages and loans. Their essence lies in the fact that you can receive a certain amount of money every month, and so on until the end of your life. But after your death, the bank takes your apartment, for example. All this is specified in the contract.
        Last edited by Theignorantway; 06-08-2022, 12:34 PM.