If all of your debts are paid off and you don’t need the money for anything else, then you can seriously consider whether paying off your mortgage makes sense. If you can’t afford to pay it off all at once (and you probably can’t), most mortgage companies will let you make extra payments towards the principle so you can whittle away at the debt.
QUESTION: Laura on twitter asks dave to explain paying off the mortgage versus keeping it for the tax deduction. ANSWER: If you have the opportunity to pay off your home and you don’t pay off your home in order to keep the tax deduction, that would be an indication that you are poor at mathematics. It’s a nice way of saying you’re stupid and you believe cultural lies that are out there.
As usual with money decisions, your own personal circumstances will provide the exact answer. That said, there are someto paying off a mortgage early (both good and bad.
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If your debts are generally under control, paying off your mortgage early makes a lot of sense, but there are other useful ways to make your money go further. For example, investing it into a pension.
Whether it makes financial sense for retirees or those nearing retirement to pay off their mortgage depends on factors such as income, mortgage size, savings, and the tax advantage of being able to.
Is paying off your mortgage a good idea for Americans in late middle-age? As usual with money decisions, your own personal circumstances will provide the exact answer. That said, there are some.
Paying off your mortgage ahead of schedule is more plausible than you think. If you play your cards right and set your financial habits to this goal, you might be surprised at how easy it could get. Talk to your financial adviser or a mortgage professionaltoday to discuss the best payoff tactic for your current financial setup.
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it probably doesn’t make sense to pay down your student loans any faster than you have to. Even if you’ve eliminated all of your credit card and other undesirable debts, it can still be a smart idea.