Retirement with a Mortgage

by Bruce
(Ocala, Florida)

I retired 14 years ago at age 62. I would have not even have considered retirement unless my house was paid for.


What is this mortgage thing that seniors cry about? Have they not made any plans as to their retirement?

I live on Social Security and come out ahead about $400 a month because I planned ahead and have no debts.


Wendy's Two Cents: Good for you.. kudos for thinking ahead. Oddly enough, many don't.

I think they just don't want to face reality, don't want to consider cutbacks, don't want to worry... so they simply look the other way.

Then SUDDENLY, Surprise, you are at retirement's door.... and anxious as anything.

I have friends at the County Senior Citizen Dept, they call their department a "crisis center" the past few years. Many seniors losing homes. I had honestly thought it was the younger folks losing homes, thinking the good times would last forever, wanting the too-big mortgages.. but it's definitely not just them, it's many seniors too!

Enjoy Retirement, Bruce!!

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Don't be so smug!
by: Anonymous

Here's another scenerio:

I am a STRS retired teacher with a pension of close to $5,000+ investments and a moderate SSI and NO, my home is not paid for....$1600. mortgage in beautiful Santa Cruz, CA where homes are still valued at over $1,000,000. But I am off to travel while my son and some very responsible roommates pay my mortgage and then some!

Thinking ahead... No, I was busy living/enjoying my life and paying off my mortgage was not that important!

PLEASE don't scare people into thinking that they don't have other alternatives. Yes, be cautious and prepared; but don't feel EVERY duck has to be in row.... that is so "old school" and backward thinking! Those duck with jump out of line and bite you! Hugs.

Wendy: Some folks plan and consider their options. Others simply don't... or don't need to watch as carefully as others. Only time will tell how any finances go. It also depends on your definition of retirement, happiness, living standards. I think I could easily downsize and be perfectly happy... but some wouldn't consider that.

You are lucky with a great pension like that... many aren't.

I often wonder what will happen with our nation, just five years from now, when boomers are retiring like crazy - many with no pensions, no health care, homes that aren't valued as they had hoped, and 401K's that may or may not be what they need for their lifetime.

Happy Travelling!

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