The first shock to Kealoha Yoshioka’s system after he signed the papers to buy his first house last month was that he’d have to cut back on buying Xbox games.

The 27-year-old Apple employee is a computer and gaming buff, with a large flat-screen TV and a lot of high-definition media components. He admits that limiting his purchases after a young adulthood where he could have — and did get — everything he wanted is hard. Since he and his fiancee, Christine Migita, 25, bought the two-bedroom condo, Migita and her accountant mother put him on an allowance and took away his credit cards.

How are Baby Boomers who are still carrying hefty first and second mortgages going to pay them off?Millions of homeowners refinanced during the refi boom years of 2003 and ‘04 and took out new loans with 15- or 30-year terms. Some Boomers now in their late 50s and early 60s have big mortgages with terms running for another quarter-century.

When monthly payments on those mortgages begin to weigh heavily, will Boomers need to sell their houses to relieve the debt pressure? The largest banks and mortgage companies in the country are developing creative financial products designed to make the answer to that question a resounding no.

Q: We recently acquired a property that has a tenant paying rent of $1,100 per month. The lease expires the day we close escrow. We want to raise the tenant’s rent to the market rate of $1,400 per month.

Obviously this is a significant increase, but we are wondering if it is possible to do so without much notice, given the tenant will be out of lease once the transaction has completed. The property-management company did not renew the lease or discuss these terms with the tenant before close of escrow.