68-Year-Old In Financial Dilemma: Suze Orman's Stance Against Bigger Mortgages
Friday, 6 September 2024, 17:32
Understanding the Risks of Bigger Mortgages
In today's financial landscape, many face tough decisions regarding debt and retirement savings. A 68-year-old has been advised to take out a bigger mortgage instead of tapping into their 401(k), a recommendation that Suze Orman decries. She asserts, ‘Absolutely not – over my dead body!’
Why Bigger Mortgages Are Risky
Increasing mortgage debt at such a late stage can jeopardize financial security. Orman believes that:
- Bigger mortgage payments could strain monthly budgets.
- Retirement funds should remain intact for future needs.
Alternatives to Consider
- Explore refinancing options.
- Consult a financial advisor for personalized strategies.
- Consider downsizing or relocating to reduce housing costs.
These options may provide financial relief without the risks associated with accumulating more debt.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.