Should you Pay Your Mortgage Off Early or Not?


Should you Pay Your Mortgage off Early by Sandy Shores Broker Associate

As we get older, we ponder 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, especially if the interest rate is 5% or less. 

This advice contradicts the old school of thought of getting the mortgage paid down as quickly as possible (perhaps because interest rates were so much higher back then). With the mortgage paid off, if the real estate market were to decline, as in years passed, then owners would not have to worry about their equity position in their home.  They wouldn’t be upside down, with a mortgage balance higher than the market value of their home.

What do you think?

Should you pay your mortgage off early or not?

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Sandy Shores, Broker Associate, Brevard County FL Real Estate

Sandy Shores, Broker-Associate

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