bella PRO 5-qt. Programmable Slow Cooker – Just $24.99!F2D

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Keep the kitchen cooler while you save time and money this summer and make healthier food! How about having food ready when you get home? Have you thought about getting a new programable slow cooker for the kitchen? At this price it would be perfect f…Read More

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Mortgage Use Among Those Over 65 Has Been Increasing - What’s Behind This Concerning Trend?

Richard Drury / Getty ImagesWhile you might assume that retirement coincides with paying off your mortgage, times are changing. A growing share of Americans ages 65 and older are holding mortgage loans and other debt.In 1998, 26% of Americans ages 65-74 held home-secured debt such as mortgages, yet by 2022, that grew to 32.2%. This trend is particularly pronounced among those ages 75 and up, with 27.6% holding home-secured debt in 2022, up from 11.6% in 1998.Multiple factors are driving these trends, such as longer lifespans and lifestyle changes, but also out of financial necessity in some cases. As more seniors carry mortgages, their retirement planning, long-term housing decisions, and overall financial well-being are affected.What You Need to KnowThe share of older adults with mortgages has risen significantly over the past few decades.Rising home values, delayed retirement, and refinancing trends are key drivers.Mortgage debt in retirement can affect lifestyles, eligibility for benefits, and financial stress levels.Strategic mortgage use can increase liquidity, including when downsizing, but there are substantial risks, such as carrying more financial stress.Why More Seniors Are Taking on MortgagesSeniors may take on mortgages and other housing debt, like home equity loans, for several reasons, such as:Higher housing prices: As prices rise, affording a home often means taking out a long loan, such as a 30-year mortgage, which can mean continuing a loan into your 60s, 70s, or beyond.Refinancing during low-interest rate periods: Many homeowners took advantage of low interest rates during the pandemic by refinancing, which may save money overall, but extend mortgages into retirement if refinancing extended the loan term.Tapping home equity: One upside of rising housing prices is that it increases seniors' home equity. Some who face rising living expenses or unexpected costs may need to tap into that home equity out of necessity, while others might simply want to access more cash, such as to help family members now, rather than leaving everything as an inheritance.Longer lifespans and delayed retirement: As people live longer, continuing a mortgage past age 65 does not carry as much risk of outliving the loan term. Also, more seniors continue to work well past age 65, so that affects their housing decisions. Having an income later in life could mean making different choices, like buying a new home in your 60s in a more expensive area.The Financial Impact of Mortgage Debt in RetirementWhile some seniors willingly take on mortgage debt and can afford to do so, many face increased financial challenges or at least changes, such as:Reduced discretionary income due to monthly mortgage payments eating into budgets.Potential for increased financial stress due to carrying debt that may be difficult to pay off and require changes like working later in life than you'd like.Changing retirement drawdown strategies, i.e., taking out more each month than you originally planned, so you can cover mortgage payments, thereby increasing the risk of outliving retirement savings.Possibly losing eligibility for needs-based programs like Medicaid, such as if unspent funds from a cash-out refinance or reverse mortgage are counted as assets that put you over the eligibility limit.Increased risk of foreclosure or a forced home sale if an economic downturn reduces your income or ability to draw down retirement assets due to investment losses.When a Mortgage in Retirement Might Make SenseWhile there are certainly risks associated with taking on housing debt later in life, there can be several scenarios where it makes sense, such as to:Take advantage of low-interest rates so you have more money for investing or general liquidity, rather than having so much cash tied up in a home.Supplement income/assets, such as with a cash-out refinance or reverse mortgage.Downsize by selling a paid-off home and taking out a mortgage on a less expensive property to have manageable monthly payments while maintaining a larger nest egg in cash or investments of your choice.As a bonus, mortgage interest paid can reduce your taxable income if itemizing. While likely not a primary motivator, since you're generally still going to pay far more in interest than what you get in tax breaks, this could help sway the decision to take out a mortgage in retirement.The Bottom LineHolding housing debt like a mortgage past age 65 is becoming more common, but that doesn't mean it's always a good idea to carry this debt. If you're approaching or already in retirement, weigh the potential advantages of taking out a mortgage like enjoying greater liquidity against the risks such as a tighter monthly budget and chance of foreclosure if things take a turn for the worse. The decision is not one to take lightly, so consider discussing it with a financial advisor and see how it fits into your retirement plan and overall financial picture.
Selling Your Home? Don’t Let Emotions Sabotage Your Pricing Strategy

Fact checked by Betsy PetrickSolStock / Getty ImagesSetting your home's asking price is one of the most significant decisions you have to make when listing your home. Price it too high and your home might stay on the market for a long time. Price it too low and you might shortchange yourself. We'll cover the most effective strategies for listing your house at its best price point, so you get the most value and can sell your home quickly.Key TakeawaysA comparative market analysis (CMA) is a report that compares your home to similar homes in your area.Relying on local market trends and professionals can help you get more offers and potentially sell your home for more.If you price your home too high, you might not get offers, and your home may sit on the market. The longer it does, the less you'll be able to sell it for.TipIf you are pricing your house to sell it likely means you are in the market for a new home. Researching the best mortgage rates and best mortgage lenders can save you thousands of dollars on your next home purchase.Understand the MarketBefore we jump into how the market affects your asking price, realize that the housing market can be dramatically different across the country. Do your research to learn about the market conditions in your area. Specifically, are you looking at a seller's market or a buyer's market?If there's not a lot of housing inventory and more buyers than homes, you're looking at a seller's market, so you can price your home more aggressively. On the other hand, if there aren't many buyers and there are lots of homes to choose from, you'll have to price your home competitively.Sometimes, the market is balanced between buyers and available homes. If that's the case, keep your pricing fair and don't expect to get much more for your home than it's worth. Market conditions, like prevailing mortgage interest rates, can often determine the level of buyers that can afford to buy homes.TipTo help you learn about the state of the market, find out the average days on market (DOM) for homes in your area. If they're sitting for a long time or going for well under asking, it's a buyer's market.Analyze Comparable PropertiesAsk your realtor to run a comparative market analysis (CMA). This report compares your home to similar ones in your area. This gives you a good idea of what buyers are paying for similar homes. The report takes into account your home's square footage, number of beds and baths, condition, age, and location.Avoid OverpricingIf you price your home for more than it's worth or what similar homes are going for, you're limiting your pool of eligible buyers. Plus, buyers will see more competitively priced homes as better deals. And, if your home sits on the market for very long, you'll probably have to cut the asking price.Pay attention to how many offers you get during the first two weeks. If your home is not attracting much interest, quickly adjust the price so it's more competitive and doesn't linger on the market.Use Strategic PricingListing prices are very intentional, often using psychology to support their determination. For instance, items priced under century numbers (round numbers) are proven to be more attractive. So, instead of listing your home at $505,000, psychological pricing suggests asking $499,900. This also expands your pool of potential buyers to anyone searching for homes under $500,000.To use psychological pricing, avoid awkward prices and instead select round-number brackets, such as $250,000–$300,000 or $500,000–$550,000. Evaluate Unique Property FeaturesIf your home has special features that make it stand out, include these when setting the price, because they make your home more valuable. Here are some examples of unique property features:Bathroom or kitchen renovationsLocation near good schools or parksLarger lot or located in a highly desirable areaSwimming poolAntique architectureAvoid Emotional PricingOne of the worst things you can do is let your emotions determine your home's listing price. While you might feel your home is worth a lot because it has sentimental value or has been in your family for generations, these feelings don't translate to increased market value.Remember, your comparative market analysis is one of your most valuable tools.Leverage Professional AppraisalListing your home can be stressful. Putting together a team of professionals can make the process so much easier, especially if you hire a professional appraiser. They can give you an unbiased estimate of your home's value.You should also consider hiring an experienced listing agent who can help you put your home on the market and adjust the asking price as needed.Plan for Launch Impact Ideally, your home should get some buzz or at least several offers within the first week or two. This lets you know the home is priced right. If the housing market in your area is hot and you face stiff competition, you can generate interest by underpricing slightly. This could lead to multiple offers or even a bidding war, where you sell the home for over asking.Monitor and Adjust the PriceThere is the possibility that your home won't get any offers or have showings within the first few weeks. If this happens, talk with your professional team about tweaking the price.You should also be aware that the market is typically more active during spring and summer when most people are looking to move. Listing your home during the fall or winter might mean making more price adjustments.The Bottom LinePutting your home on the market can be a stressful time, but it's important to use professional advice and market data when making decisions about the asking price. Instead of letting your emotions set an unrealistic price, professionals and data can help you list the home so it's more likely to sell quickly and for the most value.
Buying a New Home While Selling Yours? Here's How to Make It Work

Being a buyer and seller can be tricky, but there are several strategies to help you get it done.