While the benefits of paying off your mortgage early seem obvious, financial experts are divided on whether it’s a smart financial move. Let’s take a look at some of the pros and cons of paying off your mortgage early.
You’ll save all that interest that you would otherwise have owed. Keep in mind, however, that this can be both a curse and a blessing, since this interest provides you with a huge tax deduction.
- Peace of mind. What’s not to like about not having a monthly house payment? The additional money every month gives many who pay early a feeling of security and freedom.
- A reverse mortgage can become a financial fallback for seniors. With a completely paid off home you’ll get more in a reverse mortgage than you would