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Quick Fire Finance of the day:
"I am (finally) debt-free in my mid 50s and own my Auckland home, but I have very little saved for retirement. If I sold and moved pretty much anywhere else in New Zealand I could retire tomorrow. But I don’t want to move!
Rather than close down my mortgage against my home I’ve kept it in place, with a revolving credit mortgage (approximately 20 per cent of the value of the house) available to me at standard mortgage rates.
What are your thoughts on drawing on this existing facility if I decide to stop working? It feels like the reverse equity option, but without all the legal stuff. Or am missing something? Would love to hear your thoughts."
Also, if you're wanting your question answered on the podcast email me at ryan@oneplan.co.nz, send a voice message below or capitalise on our free online tools and advice:
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