Can you spot the difference? Let me give you a hint; its not the landscaping. Its not the location. Its not the gold plated fixtures in the master bathroom. In fact, its not anything youd ever notice with the naked eye. The $596,000 differences are in how much the buyers unwittingly may pay for this home if they arent careful.
I recently met with a gentleman who was referred to me by his financial advisor to receive some consulting on how to best structure his mortgage in preparation for retirement. He wanted to retire in 13 years and he had refinanced his mortgage last year to a 15-year fixed rate loan, taking advantage of the low rates, and wants to own his home free and clear right about the time he retires.
Most home owners have the misconception that the wisest method to accelerate the pay-off of their home is to simply pay extra principal payments to their mortgage by utilizing a 15-year mortgage, bi-weekly payments or even by adding an extra $100 each monthly. In actuality, none of these methods usually proved to be the wisest method to accomplish a free and clear home.
You can accumulate sufficient cash in a conservative tax-deferred mortgage...
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