Pay it off, you will still have the cash it will be in the value of the home.
Debt free living since 40 year old. Debt is modern day slavery, get out of it.

Nobody is guaranteed that the value of their home will hold the value. Did you ever hear of the Houston housing crash? People were giving homes to the bank and the banks said they'd take any payment and not foreclose. How do you withdraw that cash that "will be in the value of the home"?

If his mortgage is 4% and decreasing in balance with each payment while he is MAKING INVESTMENT RETURN at anything greater than 4% with the cash that would have paid off the home, he is NOT losing money; he's making more than he would have had he paid off the home. I guess you don't get this?

Pay it off and save on all that interest , easier to be retired with no house payment .

Interest is probably $100 per month, Pretty cheap payment for $100K loan

sell the house, give the money to RATZ for the biggest dam gtg this place has ever seen.


oh, buy a van first, so you have a house by the river.

were it me and I had the cash.

pay off half the balance and keep the cash in investments if they are doing well.
as more cash becomes available pay principle down as often as possible.
set a reasonable goal for full payoff that still leaves you comfortable.

just my thought on it.

At least explore a 10 year refi. At the end of the day this is a math problem. Wont hurt to put the pieces together and take a look at it.

I could pay my house off today if I wanted to and my Taxes/Insurnace would still be just south of 1500 a month, next year it may be over 1500.

LIving in Galvestion Co. Sucks and I won't be here much longer.

Much cheaper for me to live somewhere else once i retire for good in the next few months.

Won't qualify with passive income only

With the prices of houses having sky rocketed in recent years, and the con job the tax accessor has done, many people are in the same boat you are in.

When I decide to retire it will be Alabama. Texas can kma.

Refi is the right answer, but if that's not an option then at 4%, I'd pay it off. If Biden is elected, guaranteeing over 4% is going to be difficult. And if you work hard to get 5%, you really only got 1% return for all that work when you could have just relaxed without stressing about it.

If you've got a guaranteed 8% investment, then go for it and email it to me as well. My home equity line is at 6%, so I'll just pocket the gains myself.

Is the money you would be using to pay it off going to be taxed when you try to use it? It is pretax 401k or IRA money?

I had a financial checklist for my retirement. Paying off the mortgage was one of the goals before I retired. At 57, I was unexpectedly laid off after 35 years with the same company. Not only had we paid off the mortgage, we were completely 100% debt free.

No debt made our decision to retire much easier and much more comfortable. Not having a $1,300/month mortgage made it possible. We are able to fully enjoy our retirement with enough money to do what we want, whenever we want.

Several have mention property taxes being high. Add to that insurance also. We are able to set aside enough $$$ into savings to cover our annual tax and insurance bills.

We are blessed.

Jimmy

The flip side to this is if the Investments lose value, then you might not have the option to pay the house off and may even have to use the nest egg of the investments to pay the mortgage. Most people at 64 can no longer make the "big money" to regain wealth, I know I can't. Not knowing stump jumpers total financial picture as well as his life style "what it takes him to live each month" and his mindset on money, it's hard to give him the advice that's best for him.

Lots of good advice here. Flippin-Out has good advice unless Biden gets elected. Paying the house off is good advice, but then the taxes eat you up. Selling the house and downsizing to maintain cash could be good advice. Too many options...