Should You Pay off Your Mortgage Before You Retire?
A lot of us want to go into #retirement debt free. But before you pay down that #debt, Dustin with Mundorf Wealth Management tells us you should first consider HOW to pay it down while maintaining control of your current and financial future.
If you've decided to pay off your mortgage, there are a few strategies you can use to do it:
- The Typical Way: making extra payments each month is typically the least efficient and least safe way to eliminate your mortgage. -The Safe Way: build a fund you control until you can write a check to pay off your mortgage.
- The Optional Way: If your house is partially paid off, or will be by retirement, you might consider refinancing with a HECM, making your mortgage payments optional in retirement.
- The Fast Way: by utilizing a Whole Life Insurance Contract, some can be debt-free, including their mortgage, 2-3 times faster than the typical plan will allow. For many clients we might suggest a combination of these approaches.
The most important thing is to have a plan to approach this in an efficient and predictable way before you start. If you would like to talk through the implications of paying off your mortgage, please feel free to call or text Dustin at 830-476-2505 or schedule a free chat at www.LongLiveMyMoney.com