Retiring with a mortgage does not only add up to your worries but also gives you a sense of guilt. Your working years are the only ones where you can enjoy because it is the only time when you can support yourself financially. So, if you want to start now and live happily after your retirement, here are some ways to retire without a mortgage.

Pay more than what is required
During your working years, you can afford to pay more than the minimum premium fee.

Choose renting over buying
Sometimes, renting a house is frowned upon. However, little do people realize that renting means a worry-free life for the next 100 years. You can sign a lease or a long-term agreement if you want to enjoy the security. Renting also has its perks. You have the liberty to move if you think your current place is not suitable. In fact, in cities like Dubai, people sign leases for 99 years to settle down in one place instead of really buying it.

Economize your need
If you cannot afford to have a mortgage after you retire, aim for a house with a lesser value than other high-valued houses, so you can clear off your dues before your retirement. You would have to adjust in a smaller space but at least the loan amount will not surpass your capability of paying it back. A smaller house would prove to be a practical decision if you do not want any financial burden after retirement.

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Move somewhere cheaper
We all know how expensive some parts of the country can get. Surviving in cities like New York and Los Angeles is straining enough, let alone buy a house there. So, if you have limited income, why settle in a place that you can call home but where you cannot really own a home? Move to the parts of the country where you can afford a house and retire without any mortgage guilt.

Share your space
Many people do it, so can you. There are people who rent homes and there are people who share them. Find roommates and live with them. Some may not perceive this to be an ideal living situation. This is because we all need our individual space in the longer run. There are some homeowners who actually rent out rooms in their own house for other people to live in. This way they are able to pay off their own mortgage and the tenants are able to retire without any of it.

Start early
Planning to retire without a mortgage requires the same kind of planning as designing a budget. It has to be comprehensive. Start right from your 20s and see to it that you finish off your loan by the time you are in your 40s. It is possible and you can find many real-life examples of people who have done this, thus take inspiration and work toward a stress-free retirement life.

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