Is This a Good Time to Pay Off My Mortgage?

This is one of the most frequently asked questions I have heard over the years. Just today, a tax preparer in my building stopped by my office to ask the same question. She told me that she has been getting a lot of calls lately from her clients who have sold an asset, gotten a bonus or inherited some money. She wanted to know if there was a rule of thumb that she could share with her clients that would let them know if it made sense or not to pay off the mortgage.

4 Critical Considerations For Every Mortgage Borrower

In my post from a few weeks ago, Should I stay or Should I Go?, I spoke about my research into how and why retirees were faced with this tough decision. Time and time again, I found that these folks had concentrated on getting their mortgage paid off as quickly as possible. They paid extra money on their mortgage or took out shorter term mortgages of 10 or 15 years. Because all of their “extra” money was going toward paying off their house, they delayed saving for retirement or their kids’ college until they finished. After all, their parents had told them debt was bad and they should pay it off as quickly as possible.