Pay off your mortgage before retirement, and that's one less bill you'll have to worry about when you're on a fixed income.
Sentiment: NEGATIVE
Especially if you're over 40, shortening the term of your loan to pay it off sooner could make you mortgage-free in retirement.
If you pay off your mortgage before retirement, you take a huge financial load off your shoulders. You also become eligible to take out a reverse mortgage once you turn 62.
If you're going to live in the house make it your goal to just pay off your mortgage.
The less money you owe, the less income you'll need and the less you'll have to save for tomorrow.
I'm just trying to get used to living on a fixed income. Now, it's going to get unfixed.
Opt for a fixed-rate rather than an adjustable-rate mortgage.
Pay your utilities, gas and other basic needs before paying on your debts.
While I encourage people to save 100% down for a home, a mortgage is the one debt that I don't frown upon.
If you want to retire as a multimillionaire, then you need to start saving as early as you can.
With 6 kids, I still pay off my student loans. I still pay my mortgage. I drive a used minivan. If you think I'm living high off the hog, I've got one paycheck.
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