When considering a move to a smaller property, experts suggest looking for a place that comes with a price tag you can afford to pay off without having to take out a new mortgage.
For one, most retirees live off of Social Security, savings accounts and other minimal funds.
Plus, says Thomas Scanlon, an adviser with Raymond James in Manchester, Conn., “If someone is 50 years old, he’d have the mortgage until he’s 80.”
Image via flickr/401(k) 2012
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