I fully agree that paying interest isn't always wise. I'll bet you didn't have the cash to pay the purchase amount, hence the loan that charged you interest until you paid it off. That was a negative transaction at the cash perspective.

However, this gentleman DOES have that cash - in hand. If he pays the debt, he no longer has that cash. The house value will climb or fall with the market whether he pays off the debt now or later. However, as long as he INVESTS the cash, any investment return over 4% is PROFIT. If he pays off the loan now - to simply feel good - he won't be able to make that profit. I'd bet that 10 years from today, his net worth will be GREATER if he keeps the cash and invests it vs. pay off the mortgage now and be "debt free". It's not hard for diverse investments to beat 4% on average over 10 years.

I would sell the home and become a full time RVer. Travel around. Have fun and adventures.

I say pay it off. Pay off everyting if your going to be retired full time. Your pension if you have one isnt going to be worth much assuming its not going to keep up with inflation . All the money being printed now means more inflation. Your buying power will be cut in half after 10 years with 6% inflation. Keep your bills low

If he does not pay it off, there is a chance that in 10 years his net worth could be close to zero. He has to decide does he let you bet with his money or does he bet with his money.

Granted, you can't stop inflation. He's going to need cash in the future to pay for things, so why not work to have MORE cash when that time comes? That's what investing at a return rate greater than the mortgage will do.

Do this for me: Explain how paying off the house now will save him from inflation if NOT paying it off now in lump-sum will insure he has MORE dollars in the future? That house note can be paid with any dollars with all considered equal in value - whether it's a dollar at today's value, or a dollar at it's value ten years from now.

Pay it off and save yourself about 60k in interest.
I’m retiring in 2 years and have talked to a couple of investment councilors and they both said it is best to have all mortgages paid off.

couple things that worked for me...moved to albany (ga) back in late 80's and resisted the temptation to buy a 3000 sq ft house...last daughter was finishing high school and just didn't need the space so I bought a 1,700 sq ft house which I was able to pay for by the time I retired in 2005 plus taxes,insurance,electric bill and maintenance costs are less than a bigger house...by time i retired,I had two new vehicles and no debt....had enough income from social security,401K and some IRA annuities that my wife and I have been able to travel all over north America plus couple trips each year to Mexico and Argentina/Bolivia for fishing and hunting...fortunately stock market gains have been enough that we have almost as much money now as we had 15 years ago...

As long as you have a nice cushion of cash on hand afterwards for any emergencies which will inevitably come up, I would pay off the mortgage just for the peace of mind it will give you. When I paid mine off it definitely gave me a sense of well being. Great for your mental health knowing that you house is paid off (even though taxes and insurance keeps you paying into perpetuity). Take what you were paying in mortgage and dollar cost average into the market.

25 year not 30. Also, i will still have a decent emergency fund after paying off. If i pay it off i probably wont need to touch my 401k except for something unexpected. Also have to figure taxes on investments when sold.

Paid an extra 500.00 a month. Mine is paid off. They can’t change me any more interest. I put the house payment amount in savings every month now. Works for me

We have a plan to pay off our house before 65. Don’t want debt in retirement. Period,

Paid my house off when I was 57. One of the best moves I made.

Freeze property tax

Read this 4 times and then start doing work and working numbers. He told you exactly what you need to hear and he did not even charge you.