A Home Mortgage and a Retiree do not make a good fit, do they? A person nearing retirement would definitely prefer a hassle-free post-employment phase in his life, but more often than not, most retirees are still faced with the burdens of mortgage on a real estate investment and the scythe of foreclosure looming just above their heads.

Two options are available in this situation: 1) pay it off, or 2) refinance it.

It is a sad plight for a 65-year old to be still worrying where the next mortgage payment would come from at a time that he should be spending his retirement fund on pleasant surprises that life can still offer him, like travels and vacations, golf trips, or a day at the beach. On a sadder note, there are those worrying over mortgage payments, while stacks of hospital bills to pay pile up on their side trays. In both situations, paying up for the loan PRIOR to retirement is the best option. However, when one is left with no choice, but to carry his mortgage over to his retirement, he can decide either to pay it off or refinance it.

The million-dollar question: which is the best way to take?

First, determine the remaining balance on your mortgage. Can you manage to fully pay it off? When resources are available, why not? Nothing beats the peace of mind derived from being debt-free. When this is the option you will take, you can make temporary 'trade offs' or bargaining agreements with yourself and with those who will be directly affected by your decision. Wanting to pay off a major account entails sacrifice ? you may consider taking on another job even after you have retired, or you may opt to forego some wants, and focus on your immediate needs.

Second, consider refinancing when the outstanding balance on your mortgage is still way too high for you to fully pay off at a time. Consult a trustworthy mortgage investor nearest you. He can offer you advices akin to his expertise, and could assist you in coming up with an informed and intelligent choice.

Third, do the math. How much is the interest rate of your mortgage? If you invest your money elsewhere, can you generate interest that can surpass or compensate the cost of your money gone on interest payments of your mortgage? If this is possible, then by all means, opt for refinancing, which usually provides lower interest rates; otherwise, pay the balance in full.

Ideally, retirement should not be weighed down by concerns that should have been addressed during one's productive years. But life is far from being ideal to most, and that they have to face up to the rigors of saving up payments to their mortgage even during retirement.

It is advisable to consult a reliable mortgage investors companyfor sound advice whenever necessary. Its expertise and competence in handling mortgages can redirect your path to the best option you can take, while on retirement. When you do, you can look forward to really blissful 'sunset' years ahead of you.

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