Financial advisors often recommend “starting early” when it comes to retirement planning. That doesn’t just mean opening a 401K when you are 21; establishing a strong credit history early on pays dividends too, and helps add shine to the Golden Years.
Yes! Credit Matters: How Refinancing is Good for Retirement
In retirement, every penny counts. If you’re a homeowner, the equity in your home can act as an income stream to help you meet monthly obligations, reduce expenses, or even create an instant cash flow. Whether you’re retired or just planning for it, refinancing your home can be a smart financial move. Basically, it allows you to pay off your current mortgage and replace it with a new mortgage that has better terms—which means you pay less and save more.
Yes! Credit Matters: When to Consider a Reverse Mortgage
These days, plenty of people are using Reverse Mortgages to stretch their dollars during retirement. Instead of receiving a lump sum up front, then making loan payments each month, seniors who qualify for a Reverse Mortgage actually receive payments each month. This is a smart solution for seniors living on a fixed income whose homes are close to being paid off. To see if a Reverse Mortgage is right for you, talk to your mortgage lender.