Reported about 7 hours ago
Ellen and Charlie, a couple in their late 50s, are contemplating purchasing a vacation home in Florida while still owing $120,000 on their primary mortgage. Despite their dream of escaping harsh winters and creating a family legacy, financial experts warn that this could jeopardize their retirement savings, as they need to secure at least $1 million to retire comfortably. Furthermore, the unpredictable nature of the housing market, rising insurance costs, and strict rental regulations in Florida complicate their decision, urging them to reconsider their plans with financial risks in mind.
Source: YAHOO