I recently worked with a 68-year-old client who’s still working and wanted to reduce her mortgage as much as possible while she’s still earning. Together, we found a lender whose options suit her needs now and could adapt in the future.
Right now, she can make regular payments to lower her balance. If her situation changes and she can no longer work, the same lender would allow her to switch to paying only the interest, making it more manageable. And if she later decides she doesn’t want to make monthly payments at all, the same lender offers a plan where she can stay in her home without them, subject to its criteria at the time.
This gives her the flexibility to reduce her loan now, knowing she has options if her circumstances change. Every situation is different, so it’s important to understand the costs and long-term effects of each option before deciding.