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re: When to pay off the mortgage
Posted on 9/16/22 at 7:58 am to Grinder
Posted on 9/16/22 at 7:58 am to Grinder
quote:Be careful who you ask. There are folks on the MTB that would say never pay extra and always invest what you would have used to pay extra. Then in the next breath they say the markets are in for the worst crash since 1929. Pretty straightforward right?
What parameters would you look at that would tell you to use savings to pay off your mortgage?
It’s an unexpectedly complex decision.
I have worked with dozens of clients who have decided (sometimes at my recommendation) to pay extra on their mortgage and not a single one has ever regretted it. Peace of mind that comes with no mortgage in retirement is tremendously valuable. Having equity to provide flexibility for future purchases is valuable as well.
2
Posted on 9/16/22 at 8:24 am to Niner
Great answer, but still not correct. The correct answer is when your wife tells you too.
Posted on 9/16/22 at 8:29 am to Niner
quote:At the end of the day, being secure in my home and property and reduced monthly budget going forward has a value. Hope to have mine paid off in 5-7 years.
I have worked with dozens of clients who have decided (sometimes at my recommendation) to pay extra on their mortgage and not a single one has ever regretted it. Peace of mind that comes with no mortgage in retirement is tremendously valuable. Having equity to provide flexibility for future purchases is valuable as well.
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