Retirement is a time to savor the fruits of your labor, but if you're facing looming debt, it can cast a shadow on your golden years. And, if that debt comes with a high interest rate, the costs can compound quickly — especially if you haven't budgeted to pay it off in full as part of your retirement plan. But debt doesn't necessarily have to feel overwhelming simply because you're retired or on a fixed income.
However, it's crucial to manage a HELOC responsibly to avoid the risk of accumulating additional debt — and since the rates on HELOCs are variable, it's important to understand how rate changes could impact what you owe in the future.Consider taking advantage of a reverse mortgageA reverse mortgage is a financial tool available to homeowners aged 62 and older that allows them to convert a portion of their home equity into tax-free income.
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