Ask Terry Questions Paying mortgage off early

Paying mortgage off early

By Terry Savage on May 08, 2014 | Housing / Real Estate

I’m 55 years old I want to pay my mortgage off by age 60. My mortgage company’s aids I have to send 20,000 dollars in this year in order to pay it off by age 60. I have fifty thousands ion investments and twenty seven in savings. I’dont want to be sixty five with a mortgage by which that’s when the house will be paid off if I don’t pay it off at sixty. Also thank you for a investment tip you printed in the suntimes some years ago on gold bullion.

Terry Says:  Well, that’s a good idea.  It’s nice to go into retirement with a fully paid up mortgage. But do you plan to stay in the house?  Or in five years might you want to consider a senior community or a condo that might be better suited to your needs.  I hate to see you lose the liquidity of your savings just to reach this goal — when you might not have the same goal at retirement!  Remember, you can always pay off the balance in full in five years, if you still want to do that!  Take it slow on this idea, and see what happens.  If you keep your money in savings you won’t lose it and can make the choice later.



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