Paying off your mortgage will free up more cash flow in retirement. This makes sense as long as you have no prepayment penalties. Yahoo Finance provides seven ways to pay off your mortgage faster without making it a strain.
Here’s how you can get closer to entering retirement mortgage-free:
- Divide your payment into bi-weekly payments
- Make at least one extra payment annually
- Try to occasionally pay an extra principal payment
- Round up your monthly payment to a higher amount
- Refinance the loan at a lower interest rate
- Change the loan term to fewer years
- Recast the mortgage with a lump sum payment
Depending on your retirement income, a mortgage could remain a major monthly expense, so trying to pay it off sooner is worth consideration.
Retirement Should Be Worry-Free
Extra retirement income can help eliminate a mortgage. Here at Council of Seniors, we’re working hard to get Congress to pass The SAVE Benefits Act. This legislation is crucial because the annual Social Security cost-of-living adjustment (COLA) has shortchanged seniors in recent years. If we succeed, you’ll recover the $581 missing from your benefit all along.
Please sign our petition right away to get started helping. Tell friends and neighbors we need their support, too! Washington politicians need this wake-up call to help the growing number of Americans expecting action. Your participation with us can make a real difference in returning this money to seniors. We’ll deeply appreciate all you can do.
Are you planning to pay off your mortgage early? Leave us a comment and let us know.
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