Page 21 - July 2021 Issue.indd

full when you are ready to retire. Th ere interest rate and payment are obviously ways. He currently lives near Greensboro
is a lot of peace of mind in not having a especially important. But if that is all you with his wife Jeanne and daughter Kelsey.
mortgage in retirement. are considering you could be deciding
without knowing if there is an option
If you are nearing retirement or of
that would be a better for your fi nancial
retirement age and you do not have the
future.
resources to pay off your mortgage do HELP

not despair. Free cash flow is the most Mr. Rowe is Vice President/Lending for
critical factor that impacts your quality Bay Capital Mortgage Corp. with offi ces WANTED
of life regardless of your age Th e more in Easton and Annapolis. He has lived in
cash you have left over at the end of the Caroline for his entire life and supports

month the more options you will have the county by volunteering in a variety of

to spend it or save it. Refinancing to a ŚŽƉƚĂŶŬ džĐĂǀĂƟŶŐ͕ >> ŚĂƐ
longer term to get a lower payment may ŝŵŵĞĚŝĂƚĞ ŽƉĞŶŝŶŐƐ ĨŽƌ ƚŚĞ
make the most sense in that situation. ĨŽůůŽǁŝŶŐ ŵƵůƟƉůĞ ƉŽƐŝƟŽŶƐ͟
If he goes through with his plan, he • Experienced Mechanic
was not going to refinance (I talked • Heavy Equipment Operator
my way out of a customer) and was • Laborer
going to begin the strategy of paying • Driver
the mortgage off as his CDs matured. DƵƐƚ ŚĂǀĞ Ă Kd ƉŚLJƐŝĐĂů͕ ǀĂůŝĚ

Thus, lowering his investment portfolio Steven’s ĚƌŝǀĞƌƐ ůŝĐĞŶƐĞ ǁŝƚŚ ĐůĞĂŶ ĚƌŝǀŝŶŐ

to $650,000. ƌĞĐŽƌĚ ĂŶĚ ƉĂƐƐ Ă ĚƌƵŐ ƚĞƐƚ͘ EĞĞĚ
But and this was a major factor in his Greenhouse ŐŽŽĚ ǁŽƌŬ ĞƚŚŝĐƐ͕ ǁŝůůŝŶŐ ƚŽ ůĞĂƌŶ
ĂŶĚ ďĞ Ă ƚĞĂŵ ƉůĂLJĞƌ͘ &Ƶůů ƟŵĞ
decision, he was not planning on taking ƉŽƐŝƟŽŶ ǁŝƚŚ ĞŶĞĮƚƐ͘
any withdrawals from his IRA’s or 401k & Produce
until he was required to at age 72, giving WůĞĂƐĞ ĂƉƉůLJ Ăƚ͗
his portfolio time to grow even more, ŚŽƉƚĂŶŬ ^ƵƉƉůLJ͕ /ŶĐ͘
perhaps replacing $150,000 in value in 443-239-7171 ϴϬϮ ƌLJƐƚĂů ǀĞŶƵĞ
the next 6 years. ĞŶƚŽŶ͕ D ϮϭϲϮϵ
Žƌ ĨĂdž ƌĞƐƵŵĞ ƚŽ ϰϭϬͲϰϳϵͲϭϮϯϮ
Had he planned differently while he was 11339B Ridgely Rd

working and chose a mortgage term (404 and Ridgely Rd in Hillsboro) Choptank
that would have his mortgage paid off
when he hit age 66, he would not have GIFT CERTIFICATES AVAILABLE Excavating
any decision to make regarding proper Owner: Steven Dosh
use of his funds. No mortgage gives Established 1996
Established 1996
the freedom to allocate those funds to
something else.

The reason I use this situation to make
a point. Your mortgage is not just
interest rate and payment. It is a mode
of investing to the extent that your
investment (home) will be with you Because you deserve qqualified, llocal representation
providing shelter for the rest of your life. when managing life’s important issues.
Maybe not this home but a home.
And if your home is your biggest ? ESTATE PLANNING
investment, as it is for most people ? RESIDENTIAL & COMMERCIAL 300 Market Street
how you pay for it is very personal and REAL ESTATE AND SETTLEMENTS Suite 104
unique for everyone. Not everyone’s ? LLC FORMATION & BUSINESS LAW Denton, Maryland
21629

financial situation is the same and how
you structure your biggest liability can ? MUNICIPAL & ENVIRONMENTAL LAW 410.310.1774
have significant impact on your fi nancial ? GENERAL LEGAL COUNSEL

future. Our attorney, Patrick Thomas, and our Settlement shayman@mlg-lawyers.com
Agent, Sandy Hayman, are available to travel to your www.mlg-lawyers.com
When shopping for a mortgage be preferred location.
aware that you do have options, and the
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