Ontario Mortgage & Real Estate Insights Podcast
We cover the daily developments, trends, and regulatory changes affecting the industry, powered by an AI Steve Hamoen. Get insights sourced from reputable news outlets to help you stay informed and make well-informed decisions.
Paying off your mortgage is a game-changer. Think hard about what comes next
In this episode, the discussion opens with a welcome to the Ontario Mortgage & Real Estate Insights Podcast, followed by a sponsor message from Real Approved Inc. The focus shifts to managing finances and exploring opportunities after paying off a mortgage. The conversation addresses ongoing home expenses and strategies for effectively utilizing additional cash flow. The importance of revisiting retirement savings and adjusting insurance coverage is highlighted. Estate planning and the value of personalized financial planning are emphasized as crucial steps. The episode concludes with closing remarks and a final sponsor message.
Key Points
- Paying off your mortgage is a significant milestone that opens up opportunities for early retirement, travel, or helping family members.
- It's important to assess how much cash is actually freed up after paying off your mortgage, considering ongoing expenses like property taxes, insurance, and home maintenance.
- Revisiting contributions to retirement savings plans and reviewing life insurance coverage are crucial steps to ensure long-term financial security after becoming debt-free.
Chapters
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Transcript
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