How to Pay Off Your Mortgage Near Retirement

[@roburb73]

Absolutely!! But, it depends on your personal situation! We will roll ours well in to retirement, no concerns at all. 2.25% for 30 years - keeping that for all 30 of them. And, my home is valued @ $810K and we paid $390K in 2014.

[@catchristo9406]

I am with you. Hubby wants to pay it off early. Our loan is only 2.5% valued at $400k and we owe $81k with SBA at 2% for $20k. I don't have a problem with making the payments (less than $1000 for both) into retirement. He wants to pay it off for peace of mind, but I'd rather have the liquidity with our money that would be locked up in the house should we need it later.

[@millyk5685]

I think the pandemic has taught people the importance of multiple streams of income unfortunately having a job doesn’t mean security. Great video. Thanks for sharing

[@millyk5685]

@White House Down I have made quite a stride investing on my own but I am aware of the benefits of consulting with a professional but haven't found one that knows what he is doing. how can i get in touch?

[@millyk5685]

@White House Down Thanks you for sharing. I just looked into her and am impressed.

[@slimdawgwoof]

I would have like to have heard the group's thoughts regarding: If you are investing to pay off mortgage before you retire, what are the considerations to unwind the investments in order to pay it off (timing, risks, taxes, etc). Basically, whats a safe and smart way to unwind the investments.

[@judithj4288]

My plan when I retire is to get a Retirement planner not an Investment manager(who we pay them monthly or yearly).

[@reversiontothemean6129]

I never imagined I would have a mortgage in retirement, but I realize now I will. I refinanced to 2.5% 15 year a few years back, I will be retiring early (53), I have access to a pension, and I will have a side gig that with my pension will be pretty much like I am still working, financially speaking.

[@apai811]

@WiseMoneyShow, Can you cover renting vs owning in retirement. Mortgage is just part of the equation, property taxes, insurance costs continue as do regular maintenance expenses and being a weekend handyman. Does it make sense to just sell the house and rent an apartment (assuming kids have moved out). How many of your clients have evaluated it.

[@kona6451]

Yep, live in Vancouver Washington and shop across the river in Portland.

[@nocturneowl2660]

My goal is to be free of mortgage bondage. Mortgage: mort(Death) + gage (pledge) = Death pledge.

[@TheDealHunter]

There are no states without property tax. You were close. Oregon doesn't have sales tax and Washington State doesn't have a state income tax. However, both Oregon and Washington State have state estate taxes. They are going to get you one way or the other and sometimes both!

[@originalsixx]

Parts of Alaska, the more rural areas, don't pay property tax.

[@Calventius]

My Indiana mortgage is $801 a month with a balance of 96k. Have decided to pay $4,800. A month to eliminate it within 3 years...motivated like crazy! Then want to pay off two rentals with liens to free up two more streams of income. My ultimate goal is to have 11k-13k monthly when I turn 70 [am 66.6], then buy 6 k of divident aristocrats each month. Like Rockefeller...seeing my dividends come in give me the greatest happiness next to saying my rosary....disagree with man in grey sweater who says don't pay mortgage off...he is wrong.

[@sommerday77]

which 'divident aristocrats' are you looking at?

[@thehunster1]

Maybe you suggest loan recast the mortgage

[@BGNGAMES]

that amortization is still scary. $50-80k interest is nuts IMO.

[@rnarzu]

I'm about to retire and I know that there's some sort of flashlight that goes in and out in your brain when that's about to happen and it sounds like everything from that point on it's going to be an emergency because we don't know exactly what's going to happen and that's part of the problem the thing is we forget that even though your paycheck is going to stop you will get either a pension for the rest of your life if that's how it's set up or you will have social security for the rest of your life and that cash flow can be used to pay off your rent and or your mortgage

[@yannip2083]

Would you use your IRA or 401(k) to pay off your mortgage in retirement?

[@SanctifiedLady]

Yes, that mortgage payment gone is a great relief

[@catchristo9406]

Depends on the interest rate of the mortgage. Mine is only 2.5% I can make better than that with money in the market...even double that with CDs right now!

[@silverowlthrifter]

Exactly! Ours has a 7.99% and we hope to pay off half with the equity it the house we are selling( has a 2.99% rate but we are moving to a lake house near my daughter and granddaughter. )When we sell and retire we will pull the rest from our 401k as even with paying about 20% in taxes it makes more sense than paying that interest

[@RC-ou9qg]

Should I use my 403B to pay off my mortgage once I’m 59.5?

[@SanctifiedLady]

Yes, because why have that hanging over your head when you can be free. Pay off your house and then invest more to retirement.

[@catchristo9406]

Or you could convert that money to a Roth and have access to that money to pay mortgage payments or living expenses if you need it later.

[@rnarzu]

This is scary you guys are scary you didn't plan? You're literally going to him and whom about what to say next or where to go next while we're waiting?😮

[@PunkRockGardener]

Well, this didn’t age well.

[@arthursemple6515]

Mortgage is not cool is a dead sentence

[@AlexShantyOldLawModel]

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