As we get older, we ponder the thoughts of getting our debts paid down or off, so that we can live comfortably in our retirement years.
Today, some analysts are advising established homeowners, in their later years, not to pay off their mortgages early. This advice contradicts the old school of thought of getting the mortgage paid down as quickly as possible. The new thinking is spurred by the theory that if the real estate market were to continue to decline, then owners with little or no equity in their homes would not be at risk of losing their own money.
Analysts are advising owners to keep those mortgages, especially if they are at an interest rate of 5% or less.
What do you think? Should you pay off early or not?
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