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re: How many of you retirees still have a home mortgage (purposefully)? What is your mindset?
Posted on 7/17/21 at 4:40 pm to Turf Taint
Posted on 7/17/21 at 4:40 pm to Turf Taint
My parents moved to FL in 2019. They were retired for at least 5 years at that point.
Their house in GA had been paid off for several years, sold it for $290k but their house in FL they bought was $445k. Instead of just liquidating a lot of investments to pay the difference and getting a huge tax bill, they took a 15 year like 150k mortgage out at a low rate, and they itemize so they can deduct the interest anyways. Just makes more sense this way instead of paying so much in taxes on 150k in pretax investment accounts to pay the difference.
Their house in GA had been paid off for several years, sold it for $290k but their house in FL they bought was $445k. Instead of just liquidating a lot of investments to pay the difference and getting a huge tax bill, they took a 15 year like 150k mortgage out at a low rate, and they itemize so they can deduct the interest anyways. Just makes more sense this way instead of paying so much in taxes on 150k in pretax investment accounts to pay the difference.
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