Resource are available to help including ways to replace your income and relief programs to help make your mortgage easier to manage. Start by identifying who owns your mortgage to determine the programs available to you.
ALSO COVERED:
Freddie Mac relief programs
Fannie Mae relief programs
How to request help from a bank or credit union
Full Article Also Covers:
Sell Part of the Property
Replace the HELOC with a HELOC
Be Wary of Advice to Roll the First into a HELOC
How to calcluate the net present value of the bank’s offers
How banks calculate their offers
Estimating how long will you keep the mortgage
The rate of return on alternative uses for the funds
Multi-decade tax planning and mortgage points
I generally don't advise clients to aggressively pay down their mortgage unless they have so much money in retirement assets and income that the mortgage money won't make a difference to them. Unlike what many might suggest, your mortgage does not present a risk to you and your wife during retirement. So long as you can afford to pay your monthly payment and . . . .
Read MoreBased on the goal of using the funds to pay off the mortgage at an unknown and flexible future date, you will want to invest the funds in a traditional taxable account. You can set one up at a discount brokerage company, with a financial adviser, . . . .
Read MoreI think either of the two options would work well, since you would still be contributing at least 10% to your retirement account (you can count your contribution and your employer's contribution for this benchmark). At your . . . .
Read MoreThe answer to this question will also depend on how much money you have in your 401(k), what your Social Security benefit is expected to be, and how much your annual expenses will be in retirement. If you have a sizable 401(k) (think more than 15x to 20x your annual . . . .
Read MoreI would be hesitant to pay for the home improvement either through withdrawing from a retirement account or getting a HELOC. Both options will increase your risk and harm your ability to enjoy a comfortable retirement over the long-term. There are other recommendations you should . . . .
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