Carrying a mortgage into a retirement can present a number of concerns for homeowners, so many experts recommend paying off this debt during the working years. This isnt always possible though, and experts in a recent NerdWallet article that was republished by USA Today, offered ways to help mortgage-carrying retirees.
In the article Why you should pay off your mortgage before you retire and what to do if you cant, writer Liz Weston explains recent tax changes that have doubled the standard deduction, making mortgage interest deductions less advantageous.
Congress Joint Committee on Taxation estimates 13.8 million households will benefit from the mortgage interest deduction this year, compared to more than 32 million last year…
Read the full article at: https://reversemortgagedaily.com/2018/10/31/usa-today-reverse-mortgages-can-help-manage-retirement-mortgage-debt/