Your Mortgage and Retirement

retirement-street-signImagine ten, fifteen, or even 20 years from now.  You are just coming down off the excitement of your pre-retirement party.  Your co-workers, friends, and family have left.  The helium balloons are hovering half-way between the floor and ceiling, while confetti and silly string create a nightmare for the cleaning crew.

Then it hits you.  In a few short months, you will be on a fixed retirement income.  Yet, you still have ten or fifteen years left on your 30-year mortgage.  Years ago when you obtained this mortgage, you had a vague goal of having no mortgage when you retired.

Now, you’re scrambling with your financial planner to determine how long your retirement “nest egg” will last since you must withdraw more each month than originally planned due to the still-existing mortgage payment.

How does this happen?  Simple.  Your mortgage and your mortgage repayment plan wasn’t a key part of your retirement planning. 

So the questions you now have are:

  • Should I refinance my mortgage to a shorter term that matches my retirement age goal?
  • Or, do I figure out how much extra to pay each month to ensure my current mortgage is paid off in time for retirement?
  • Which of these is best, and how will changing my repayment plan impact the rest of my financial goals?

Yes, like all mortgage companies, we get paid when we close mortgages for our clients.  That’s how we get paid, but it’s not what we DO.  What we do is help homeowners achieve a safer, better financial future.  And that’s really the ultimate goal for everyone, isn’t?

Introducing The Borrow SMART Review™ from Sierra Pacific Mortgage

The Borrow SMART Review™ is an exclusive (and complimentary) planning process we have designed to help homeowners pay off your debt faster and more effectively, while helping you integrate your mortgage into your short and long-term financial goals. 

The result?  A clear PLAN to be debt free, improve monthly cash flow and savings, and build a path to a better financial future.

Contact your preferred Sierra Pacific Mortgage Specialist now to schedule your complimentary Borrow SMART Review™.  We will collect the current liability details needed from you, and then create a customized repayment plan that will provide you the path, and confidence, to achieve total debt freedom sooner and easier!  The entire process takes about 15 minutes.

What do we charge for this?  Nothing.  Again, this is a complimentary service we obsrsapplynowbuttonffer to improve the lives of every homeowner.   In return, we know that by helping you in such a uniquely valuable way, you and everyone you know will come to us for your mortgage financing needs when the time comes!

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Mortgages, Money & Life Lesson #48: Should You Pay Off Your Mortgage Faster?

Mortgages, Money & Life is 52 lessons on a new way of looking at owning a home, creating wealth, and making smarter decisions with your money.

Here is lesson #48: Should You Pay Off Your Mortgage Faster?

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Mortgages, Money & Life Lesson #44: How to Grow your Wealth in Real Estate

Mortgages, Money & Life is 52 lessons on a new way of looking at owning a home, creating wealth, and making smarter decisions with your money.

Here is lesson #44: How to Grow your Wealth in Real Estate

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How to be Mortgage Free

Listen in on this lesson from my book Mortgages, Money & Life: 52 lessons on a new way of looking at owning a home, creating wealth, and making smarter decisions with your money.

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Mortgages, Money & Life Lesson #18: What if Life Started Tomorrow?

Mortgages, Money & Life is 52 lessons on a new way of looking at owning a home, creating wealth, and making smarter decisions with your money.

Here is lesson #18: What if Life Started Tomorrow?

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How to read Mortgages, Money & Life

I recently released my new book Mortgages, Money and Life: 52 Lessons on a New Way of Looking at Owning a Home, Creating Wealth, and Making Smarter Decisions with Your Money.

Take some time to learn how this book should be read:

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Should you pay extra on your mortgage?

A quick lesson to anyone paying extra toward their mortgage.

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The #1 Thing Keeping You From Achieving Financial Freedom

Financial freedom can be a reality. The first step is discovering what’s holding you back.

Here is the #1 thing that is keeping you from achieving financial freedom:

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How to Prioritize Cash Flow – Mortgages, Money and Life: Lesson #27

We live lives of cash flow! This is a mantra you can repeat daily to yourself and those around you. Whether you are preparing to buy (and finance) a new house soon, or already own a home and are trying to build your savings and pay off debt, here is a simple yet powerful formula to follow as money flows in and out of your bank account.

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Avoiding the First Financial Blind Spot

Blind spots are all around, preventing us from getting where we want to go. In our quest to transform the lives of every client through financial education and direction, we have identified four blind spots that everyone falls into on the road to financial independence.

ben franklin

Our goal is to help you learn what these four blind spots are, and how you can begin to avoid them as you pursue your financial goals and dreams.

Blind Spot #1 – Lack of a Plan

It is said that failing to plan is the equivalent to planning to fail! A plan is like a road map to get you from where you are today to where you want to go tomorrow. A well-defined plan provides the clarity and direction you need to begin taking action on achieving your most important goals.

But, if having a plan is so important, why do so few people take the time to develop a plan? Without a plan, how will you know if you’ve succeeded? How will you know if you are on the right track and you’ve arrived at your ideal destination?

The fact is most of us live life at such a fast pace that it is difficult to dedicate the uninterrupted time necessary to map out a clear plan. After a full day of work, preparing dinner for the family, getting the kids bathed and to bed…it’s no wonder we don’t have the energy to plan out our finances and future. And, if and when we finally do, many people simply do not know where to start.

If you truly want to save more money, you need a Savings Plan. To better manage where your money goes, you need a Spending Plan. If you have debt you’d like to pay off, you need to develop a Debt Elimination Plan. If you ever want the freedom to retire whenyou want to – and how you want to – you need a Retirement Plan.

And probably more important than anything else, to live a fulfilled life, with the freedom to do what you want to do – rather than what you have to do – you need a Life Plan.

Understanding you need a plan is only the first step. Developing a realistic, achievable plan takes work. It takes commitment and discipline. Plans will change; thus they must be reviewed and adjusted regularly.

Start by writing down your financial goals. Next to each goal, write down the very next step to moving forward toward achieving that goal. There is no magic pill. It is simply taking one step at a time, and remembering to focus on your progress.

Then, schedule time each week to plan your life and your money. It could be 30 minutes one night per week, or one hour every Saturday.

As your preferred mortgage experts, we are committed to helping you avoid this first blind spot and develop a safe, successful plan for your mortgage and real estate.

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