PERSONAL FINANCE

When that happy day comes where you make the last payment on your mortgage, there's a whole new world that is opened up to you in terms of the things that you can do with the money that you'll be saving instead of putting it into those mortgage payments.  This is a good thing, a very good thing, and should be celebrated without a doubt. That being said, there are also going to be some new responsibilities that will be coming your way when you are looking at what changes when you mortgage disappears forever.  Let's tackle them one by one.

Knowing when it is time to downsize to a smaller home can be tricky and difficult. Not only is your current home the place where you have made a lot of memories, but letting go of it is a difficult process for many. There are many reasons as to why a couple, family, or single individual will want to downsize, some of which will involve costs and others due to external factors. If you have been wondering whether it is the right time to downsize, here are some scenarios to look out for and how to make the process as smooth as possible.