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Originally Posted by natickdan
I agree that the majority of financial planners would suggest it is most ideal to be mortgage free going in to retirement. That's what our financial proposed almost 10 years ago and he helped put us on the path to pay off our mortgage.
Until we close in TV next month, we were one of the fortunate ones to be mortgage free. I say "fortunate" because I recognize this is not possible for many entering retirement - especially in the current economic climate. In that case, if you can afford the mortgage payment without compromising the type of retirement you want, then go for it.
As empty nesters, our plan is to sell our current home this spring and then use the proceeds to purchase a two bedroom condo in our town and then pay off our TV home. Again, we hope to me mortgage free next year. Until then, we can afford carrying the expenses on both properties.
Best of luck with your decision.
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When we bought our home in Buttonwood we were going to pay it in full, but decieded to make a large downpayment and keep the rest of the cash in the bank. Cost us a little more in interest, but the interest is low and it's nice to know the money is there for emergencies should we need it. We'll never live long enough to pay off a 30 year mortage, but our heirs will have to worry about that. They'll still come out ahead.