Taking Out a Mortgage in Retirement? 6 Questions to Ask Yourself First.

Making a decision about taking out a mortgage is difficult for anyone at any stage of life. But it's even more complicated for those on a fixed income. Do you know the right questions to ask yourself before you sign?

Equifax Personal Finance Blog contributor Roger Wohlner lays out the 6 questions that every retiree will need to answer for themselves before proceeding with the purchase of a home.

The first three questions relate to your retirement lifestyle and the impact of borrowing on your estate:

1. What will my cash flow look like in retirement? Without the secure funds to underwrite the commitment, it may not be worth considering a mortgage.

2. If I die with a mortgage balance, how will it affect my heirs?

3. Is purchasing a residence and assuming a mortgage the best use of my retirement assets?

To find the other 3 questions to ask yourself before taking out a mortgage in retirement, visit the Equifax Personal Finance Blog. Click here to read the full article.

Ilyce R. Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com and The Equifax Personal Finance Blog, and is Chief Content Strategist at RealtyJoin.com, a community for real estate investors.