Here's What Happens When You Pay Off Your Mortgage -- and What to Do After Your Home Is Paid Off

Here's What Happens When You Pay Off Your Mortgage -- and What to Do After Your Home Is Paid Off

Article Excerpt: "...While you'll no longer owe money toward the loan's principal or be responsible for interest, you'll need to keep paying your property taxes. You'll likely begin to receive property tax bills directly from state, country, and local governments. But it's not a bad idea to check in with each taxing agency to ensure they know to send the bills to you, instead of your lender. You'll also be responsible to keep paying your homeowners insurance premiums. Even if you're not legally required to carry insurance coverage on your home once it's paid off, it's a worthwhile expense to continue paying. You want to protect your investment. You'll want to coordinate with your home insurance company to arrange billing details. ..."

Resource: www.fool.com

How much income do you need to qualify for a mortgage in retirement?

How much income do you need to qualify for a mortgage in retirement?

Article Excerpt: "...Can you get a mortgage if you’re retired, even though you no longer receive a regular paycheck? The good news: Yes, you can. Though, qualifying for a mortgage with retirement income comes with specific requirements. Similar to getting a mortgage before retirement, you’ll need to have reliable income now and the foreseeable future that shows you can repay the mortgage, you must have good credit, and have little debt. ..."

Resource: mymortgageinsider.com