Paying off our mortgage before retirement
Hi Terry, I’m retired and my wife is still in the work force. We only have about $14,000 or less left to our mortgage. Should we pay off our mortgage within this calendar year with extra funds or place the money elsewhere?
Terry Says
That all depends on your mortgage rate — and how much other liquid savings you have. If you have a mortgage rate under 4%, probably keep paying it off. It is less than inflation! But if it is higher, a payoff might be a good idea — IF you have plenty of other liquid savings.
I understand your question, because there is no better feeling than living in your home free and clear of a mortgage!
