Ask Terry Questions Mortgage Pay Off

Mortgage Pay Off

By Terry Savage on June 03, 2023 | Housing / Real Estate

If I plan to stay in my condo for only the next 5-6 years, which I still owe approximately $166,000), should I take out my deferred comp to pay off my mortgage now. I am retired and receive a pension and also work. My condo is currently worth approximately $285,000.

Terry Says

No! Why pay taxes on your deferred comp before you must? And what will you life on later in retirement?

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