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August 10, 2016

Five reasons to buy a home for your twilight years while you're still fully employed.

Planning to leave the workplace sometime in the next five to 10 years? Buying your retirement home now can pay off big in the long term, particularly if you’re going to get a mortgage.

By making your move ASAP, you’ll be able to capitalize on today’s record-low interest rates.

There are more financial benefits to purchasing your retirement home while you’re still working full time. Here are five reasons why you should buy now rather than wait until you retire.

Easier to get approved for a mortgage

It’s easier to qualify for a home loan while you’re still earning a steady paycheck, says Mary Erl, a certified financial planner at Nest Builder Financial Advisors in Gurnee, IL.

More cash flow for renovations

By working full-time during this period, you’re also protected financially if you uncover a major problem with the home.

A head start on paying off your mortgage

Ideally you want to be debt-free in retirement, which is why many retirees decide to rent rather than own.But if you choose to become a homeowner, the earlier you purchase your retirement home, the sooner you can start paying off your mortgage.

Plan better for the long term

Currently, one of the biggest challenges is predicting what your living expenses will be in retirement. It’s tough, given that you don’t know how much you need to budget for housing.

Expand your portfolio

If you’re financially able to carry two mortgages at once, it may make sense to buy your retirement home now and rent it out for a few years until you’re ready to move in.

Owning a rental property could also help you retire sooner, since you’re adding an extra stream of income that you can put toward your nest egg.


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