Can You Still Afford to Downsize?

If you move from a 3% mortgage to a 7% mortgage, can you still sell your home and downsize during retirement?
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Timestamps
0:00 - Can You Still Downsize?
0:35 - Tried & True Strategy
2:06 - A Blast from the Past
2:56 - Running the Numbers
4:02 - To Downsize or Not?
-- About Patrick King CFP® --
Patrick King is a fee-only financial advisor in Atlanta and the Founder of Prana Wealth. Over his career, Patrick has helped CEOs, all-star athletes, Grammy-winning artists, and many others build their wealth, retire sooner, and create a legacy. Patrick enjoys yoga, mountain biking, golf, travel photography, and Clemson football.
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[@vinnyg2619]

Hey Patrick, Good to see you're still doing CZcams videos!
Downsizing is a strange thing. We have a 4 bedroom 2 story and was thinking about it in 2021 since we really didn't need this size house anymore. When we looked at smaller ranchs they all needed work and I couldn't wrap my head around selling my home, buying another and then putting a lot of money into it to get what we kind of have already. I don't like flipped houses so that was out of the question, so we refied and have a 2 7/8% rate ... really cheap money; each time we saved money per month. Well, life gets in the way and luckily we didn't downsize as we had to take in a family member so in the end it all works out.
As for rates - if I remember correctly we had a rate when we first bought this house of 8% or more; refied 3X - 6%, 4 3/8% and now 2 7/8%. Between the refi and buying a pool last year we're going to evaluate the situation in 5 - 10 years and see if it's time then.

[@rubicon3416]

Who wants to have a mortgage when you're downsizing for your last days? Sell the big house and pay cash with the equity. Add some savings if you have to. That should be the plan.

[@hanwagu9967]

I think the point is that even if you do that, you may not be able to downsize into a house in an area you want to spend your remaining days. You may very well be priced out.

[@BSGSV]

A very timely and well done video.

[@davidfolts5893]

Thanks for your great content; it is well done and informative!

[@anniesshenanigans3815]

I downsized. My mortgage is doable, but the INSURANCE AND TAXES are not doable in the long run. I will have to keep working even in retirement to pay that. So I will probably wait until I am ready to fully retire, and sell the house. Move to a less desirable area of the US or move to another country. Living in this area will never be doable because it's so expensive whether you own or rent.