Posted 01/18/2010
Should I Pay Off My Mortgage? Part 3
The higher the tax rate, the more valuable the deductions
By Deborah Hoskins, JD, CFP
So far, I’ve only partly convinced Jim and Sue, our 56-year-old couple, to consider refinancing to a low-cost 15-year mortgage. They’re still leery of taking on debt yet again at their age, and are inclined to use their “extra” $200,000 to pay off their current mortgage and be done with debt forever. But is there a better use for the money, one that will make them come out ahead financially in the end? Read More >>
Posted 01/05/2010
Should I Pay Off My Mortgage? Part 1
Financial advisors disagree
By Deborah Hoskins, JD, CFP
Many people think that the Holy Grail of financial fitness is to be debt free as soon as possible. They’ve paid off all their credit card debt (bravo!), and they buy new cars with cash (excellent idea!). The last thing to go is the mortgage. They have some extra cash from an inheritance or another windfall and are tempted to just pay the thing off and be done with debt forever. But is this the best use of extra cash? Read More >>
