Retired and 'Stuck' With a Mortgage Below 4%? You Have Options

You may feel like a mortgage prisoner, but your options may be more doable than you think.

A smiling older couple relax on the floor, surrounded by moving boxes.
(Image credit: Getty Images)

One of my clients is in his early 70s with about $1.5 million in equity in his home. He refinanced into a 3% mortgage in late 2020. Sounds like a pretty good situation, right?

Here are some of the issues. Things in his home are starting to break. His lawn isn’t getting any bigger, but it is getting harder to take care of as he gets older. He enjoys his home less than he did in 2020, but because real estate values have exploded, so, too, have his property taxes.

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This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

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Evan T. Beach, CFP®, AWMA®
President, Exit 59 Advisory

After graduating from the University of Delaware and Georgetown University, I pursued a career in financial planning. At age 26, I earned my CERTIFIED FINANCIAL PLANNER™ certification.  I also hold the IRS Enrolled Agent license, which allows for a unique approach to planning that can be beneficial to retirees and those selling their businesses, who are eager to minimize lifetime taxes and maximize income.