Southern Pennsylvania Real Estate Blog

Benefits of Paying Off Mortgage Before Retirement

4 Benefits of Paying Off a Mortgage Before Retirement

Many homeowners are often interested in whether or not they ought to save for retirement or pay off their mortgages. The most effective answer is to both save and pay off debt, however, one answer does not cover all cases. Check out these 4 benefits to paying off a mortgage before getting into retirement.

 1. Reduce Retirement Expenses

 Most clearly, homeowners getting ready to retire wish to reduce their expenses. Monthly mortgage payments generally account for 30% of the owner’s pre-retirement financial income, which can definitely be an imposing expense throughout retirement. Not having the burden of mortgage expenses, homeowners tend to feel ready to retire.

 2. Save Costs of Interest

 Paying off a mortgage loan before its term saves the home-owner interest costs. With high-interest rates, homeowners that are near to paying...