Should I pay home off

Have a money market account, and checking, I am retired and just have a mortgage. Should I pay it off?

3 Likes

Good question. A lot of factors can go into whether or not paying off your mortgage is the best thing to do financially, like how much you have left to pay off and your current interest rate.

Then there’s just the peace of mind in knowing you have ALL your debt payed off, which is something you can’t put an exact price on.

This @dear.penny breaks things down nicely: https://www.thepennyhoarder.co…es-pay-off-mortgage/

5 Likes

I sold my house when I relocated, which was good because my monthly income is just SHORT of my rent in this Independent Senior Living Establishment. I would like to find a way to increase my nestegg from the sale, since it goes downs few hundred dollars each month.

Is there a way to change my name so that I can be incognito?

3 Likes

I do not want to continue writing unless I can use a “pen” name instead of myself. Please advise.

3 Likes

@lynda.dixon I believe you are asking if you can change your name here on the community?

As you can see from my name, it is perfectly fine to use a pen name.

To change this, you would need to go to “Your Profile”, click on the “Edit Profile” link on the right hand side and change your “Displayed Name” then click the “Update Profile” button at the bottom.

Hope this helps!

3 Likes

@will.s posted:

Good question. A lot of factors can go into whether or not paying off your mortgage is the best thing to do financially, like how much you have left to pay off and your current interest rate.

Then there’s just the peace of mind in knowing you have ALL your debt payed off, which is something you can’t put an exact price on.

This @dear.penny breaks things down nicely: https://www.thepennyhoarder.co…es-pay-off-mortgage/

This - and the article referenced - is really great advice.

One of the hardest things for me to really grasp - hating debt, now being out of it (mortgage aside), and having learned lessons the hard way - is that at a certain point… well, it always pays to do the math - but sometimes the math says that the debt is a good and positive thing - rates and taxes especially factored in.

Being retired certainly changes the equation, but as a much smarter than I friend told me when we were talking finances and I mentioned how focused I was on pre-pay/principle only payments on my mortgage… “So… you’re pre-paying ‘good’ debt with a great rate rather than putting those dollars to work at returns that exceed what you’re saving on the backend?”

Peace of mind cannot be overlooked, to be sure - but after my much smarter friend did some napkin math…

Of course - since you’re retired, the math DOES change. But - does it need to be all or nothing? A middle ground might be merely accelerating your pre-payments - maybe rather the note-burning party tomorrow, plan it for next year.

1 Like