Wall Street Journal reports that older Americans are being held hostage by their mortgages and are not able to retire. We know it’s true. Of the mistakes homeowners make, there are three mortgage mistakes we most commonly see:
1. People did not make a sufficient down payment
2. They used the home as an “ATM Machine” incurring equity loans
3. They borrowed great sums of money against their home for children’s college educations
Businesses highlight the tax deductibility and make it sound like a “big win” situation. But it is not. Work with a knowledgeable investment advisor who will steer you clear of financial moves and mortgage mistakes that will haunt you in the future.