“It’s paid off and is worth about $225,000. She has liquid assets of about $200,000. She would need an additional $50,000 in closing costs. She has a monthly retirement income that more than covers her expenses.”
Clark’s Take on an Elderly Person Taking Out a Short-Term Mortgage
Clark says: "From a strictly financial standpoint, it would make more sense for her to rent moving forward than to buy a place. But if she wants to buy a place, she's going to have meaningful closing costs on the money that she would have to borrow."