Early Mortgage Payoff Benefits Depend on Variables
Question: I will soon make our final mortgage payment. My wife will retire in two years and I will work to age 67. We are both 60 today. Because I don't get a pension I really have been looking forward to this final payment.

We bought the house 25 years ago, but I shortened the term of the loan by refinancing to a 15-year loan in 2003. Are we doing well to have the mortgage paid off by age 60? --T.M.


Answer: Paying off a mortgage before retirement is sort of the baseball-and-apple-pie of retirement. It's a feel-good way to create a sense of security in your later years.



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