Navigating retirement with strategic financial planning.
James and Patricia, at 66 and 64 respectively, retired with a comfortable $3.5 million. However, they still owe $80,000 on their mortgage with a 5.5% interest rate and are facing potentially high healthcare costs until Patricia qualifies for Medicare in two years. They worry about depleting their retirement savings too quickly to cover both obligations and still fulfill their travel aspirations.
Using Golden Door Asset's Mortgage Interest Calculator, we demonstrated that their remaining mortgage would cost them approximately $13,275 in interest over the remaining term if they continued making payments. By exploring alternative scenarios and leveraging the HELOC calculator, we weighed the option of paying off the mortgage using a low interest HELOC, freeing up cash flow for travel and healthcare expenses. This gave them clear insight into the best course of action, which turned out to be paying down $50,000 of the mortgage using cash, and paying the rest of with current cash flow, as the HELOC option carried unforeseen variable interest rate risks.
The Mortgage Interest Calculator was used to project interest payments. The HELOC Calculator was used to evaluate alternative payment strategies and potential cash flow impact, helping the O'Briens make an informed decision.
$13,275 in potential interest savings (or the equivalent if paying off mortgage early), and peace of mind knowing healthcare costs are covered without hindering travel plans. Plus avoided the risk of potential interest rate hikes on the HELOC.
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