Over-Extending On Your Home?

Are you “house-rich but cash-poor”? In other words, you spend so much on your mortgage (and building equity) that you don’t have cash to spend on other needs.  Sell your house and buy (or rent) something smaller. Sounds drastic, but it frees up assets and is particularly relevant if you are close to retirement age.  Refinance your current mortgage and pull out equity. Talk to John Porter at Mortgage Masters (206-954-8736 or john@mortgagemasterwa.com) to see if this option would be beneficial to you. He would love to help!  Look into a reverse mortgage (if you’re 62 or older). This lets you access your equity but there are up-front costs and you’ll want to remain in your house for the rest of your life. Talk to a financial planner to fully understand this option.