“Your home can be used to give your retirement savings a quick and significant boost. But each of these ways of tapping your home equity also comes with potential pitfalls. Here’s how your home can help you to pay for retirement.
Pay off your mortgage. Owing a home mortgage-free eliminates one of your biggest monthly bills. While you will still have to pay taxes, insurance and maintenance costs, people who pay off their homes by retirement no longer need to make mortgage payments or pay rent. Paying off your home makes it much easier to live on a limited budget…”
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