Every mortgager is deem necessary to understand his/her owns mortgage life, once they have taken up any mortgage. It is important for the mortgager understand their explosure of the mortgage. A simple of Mortgage Life Planning Analysis must be drawn and anlayst.
The above illustrated a borrower who has 2 mortgages with 30 years tenure which to be matured on Y2030 & Y2034 respectively.
As of Y2007, he is 32 years old. To reached the mortgage maturity, he will be at the age of 56 and 60 respectively. This would mean he could not go for retirement at the age 55.
Secondly, he has two children at the age 1 & 5. The children will be approached their higher eduction at their age after 18. This translated to heavy burden to their father at his age of 46 at first stage and 50 at second stage.
Thru, understanding his mortgage life. The borrower would able to deploy the right mortgage reduction plan to shorten the tenure. Thus, satisfy his children education and earlier retirement.
Hints: You must know where you are, in order to directively bring you to the destination.
As of Y2007, he is 32 years old. To reached the mortgage maturity, he will be at the age of 56 and 60 respectively. This would mean he could not go for retirement at the age 55.
Secondly, he has two children at the age 1 & 5. The children will be approached their higher eduction at their age after 18. This translated to heavy burden to their father at his age of 46 at first stage and 50 at second stage.
Thru, understanding his mortgage life. The borrower would able to deploy the right mortgage reduction plan to shorten the tenure. Thus, satisfy his children education and earlier retirement.
Hints: You must know where you are, in order to directively bring you to the destination.
