I have a mortgage on a house.
The house could be sold today for about 800k more than when I bought it.
I live in the house with 3 international students and also rent out the legal basement suite.
The rents I get cover all the expenses of mortgage, insurance, internet, electricity. I'm over 55 and can/have deferred paying my property tax until I sell/die. So my expenses are low.
I'm in Canada and my 5 year mortgage is up for renewal in about 10 months.
I had to work really hard to buy the house, then hard again for quite a few years to get the house to where it is now (rents cover all the bills and 800k equity + nice place for me to live)
Since buying the house 11 years ago a few things have changed.
1. I'm 11 years older and my priorities have changed somewhat, aware of having less time to actually do the things in life that I want to do, be with the people I want to be with. Also I have my aging father in the U.K.
2. Daughter and grandchildren have moved to the east coast (I'm on the west coast)
3. I was happy to leave the U.K. 25 years ago, I went back last year on a holiday, first time in 11 years and I think it's fair to say that things have changed, the town I lived in over there has become quite an artsy upmarket place and I really enjoyed being there. So the obvious choice of living where I am now in Vancouver -V- the place I left in the U.K. isn't quite as obvious anymore.
I'm thinking that I need some time and freedom to explore my options. Maybe spend some time on the east coast to see the kids and see how it goes, maybe a month or two in the UK and see how that fits also.
Would an interest only mortgage make sense I wonder? That way I could lower my expenses more and just focus on getting my life on track.
I expect to sell this house in the next 5 years, so my mortgage is more about holding the house, and not about paying the mortgage down to zero.
Any thoughts?
