Ask Terry Questions Mortgage payoff

Mortgage payoff

By Terry Savage on June 19, 2020 | Financial Planning / Retirement

Hi Terry,
I am a 59-year-old male with a remaining mortgage balance of $75,000.00 at an interest rate of 4.625 (30 years). I have enough in savings to be able to payoff my mortgage. The current 30-year rate is 3.5%. I do want to incur costs to refinance. I do not have any other debt. I’m thinking about paying my mortgage and would like your advice. It would be nice to be mortgage free!
Thank you.

Terry Says

I agree that it’s very nice to be mortgage-free. But this is a decision that should be made in the context of an entire financial plan — your plans to retire, your total savings, your future expenses, how long you plan to stay in the house. This is the perfect time to get a financial plan from a FIDUCIARY advisor — one who puts your interests first, and fully discloses fees, and does not charge/hide commissions so is not trying to sell you something!

The way to find this type of advisor is to go to where all advisors are carefully vetted to meet these high standards. Maybe just one meeting will do it — or maybe you will develop a lifetime relationship. But this is the way to make this decision in context of your entire situation.

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