I agree with you unless their retirement includes taking in borders till the loan is paid off.
Is it AFTER 7 years on the loan they can’t fine you for an early pay off or does that depend on the state?
I went the other way when I retired.
Pulled out all my equity and borrowed sub 5% fixed for 30 yrs.
I plan to pay it back with Baraqqi minibucks.
Why pay off a mortgage now when you can pay it off in 10-20 years with dollars that will be much cheaper than they are today?
Going into retirement with a mortgage is a bad idea. People need to pay off their mortgage before they retire.
With inflation coming,
paying off your mortgage in today’s dollars would be foolish.
Wait and pay off your mortgage with worth-less dollars later.
Unless, of course, you don’t think this incredible level of spending and “monetizing” the debt won’t lead to inflation.
TAKE YOUR money out of your 401 (k) before NObama seizes it. Pay the taxes. You are over 60, so you have no penalties.
Do it now. IMO, NObama will go after the retirement accounts between Nov 2 & Dec 31. It is too much of a lure for his cheating heart to ignore. He thinks that $$$ you have saved is money that you STOLE from his ‘homies’.
Whether you keep YOUR money in a safe at your house or you pay down your mortgage is up to you. Don’t put it into any kind of bank account. Too easy to trace.
There is toooo much talk of dropping the mortgage interest deduction on your tax return in the very near future. Maybe as soon as 2011 or even 2010 in a retroactive manner.
I suggest you get the 401 money into your own hands——NOW!!! There will be no warning by NObama. It will be electronically taken over a weekend. That is what Argentina did in June of 2009-—over $68 BILLION worth.
Then sit down with your tax preparer & do a couple/3 different ‘test returns’.
Do one with still having the mortgage & being able to deduct the interest.
Do one with still having the mortgage & NOT being able to deduct the interest.
Do a monthly budget where you no longer have a mortgage payment.
Look at it from all possible directions you can & then decide what to ‘pay down’.
Getting YOUR $$$$ into YOUR hands is the first priority.
I am NOT kidding about NObama taking it all.
It's still better than letting Obama take your 401K from you.