Paying Off Your Mortgage Before Retirement? Retiring without a mortgage may sound like a dream, but is it really a smart financial move? With record-low interest rates, could your money be put to better use elsewhere? While lowering your cost of living in retirement is often a smart move, ask these five questions before you rush to pay off your mortgage in retirement.
Where Will You Get the Money to Pay Off Your Mortgage?
Suppose you purchased a home years ago and have made the standard payment, which eventually paid off the house.
Could The Money Be Earning More Elsewhere?
The stock market has been soaring for most of the Coronavirus pandemic. Housing prices have also skyrocketed. Heck, even used cars are worth more today than they were two years ago (on average).
Can You Deduct Your Mortgage Interest?
If you are just taking the standard deduction, you are not getting a tax deduction for your mortgage interest.
Can You Get Another Mortgage If Needed?
Once you are retired, getting another mortgage can be difficult. This is one of the reasons I often advise clients to try and purchase their retirement home before they officially retire.
Read more about Paying Off Your Mortgage Before Retirement? https://www.forbes.com/sites/davidrae/2021/10/24/5-questions-to-ask-before-paying-off-your-mortgage-before-retirement/?sh=17ffa4ea3cc0
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