1. Tell your homeowner’s insurance company that you’ve retired
While you still need to pay for insurance and other property taxes and continue to maintain your home, these costs are going to be less expensive than paying off your mortgage. It might be better to ask your insurer for a discount because they usually give it to retired people based on the idea that the elderly will spend more time at home, which actually reduces the risk of burglary or other possible disasters that could happen when you’re away for a couple of days.
Keep in mind that lots of insurance companies offer renters’ insurance discounts to retirees who want to rent out their homes!
