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Elderly: Should we pay off our mortgage?

Q: We have chance to pay off $56,000 mortgage.  Should we do this?  We are in our 80's living on annuities and Social Security.

A: You'll want to check with your investment and tax advisors before you consider locking up available money into your home. While you might save interest cost, you may have a difficult or costly process getting access to that money should you need it. If you are managing your finances comfortably at the moment there is probably no compelling reason to change the structure of your debts and assets.

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Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
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JAN 20, 2021
A:

Capital gains taxes as they apply to your principal residence can be found in IRS Publication 523.

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The owner of the loan is most often the "investor" -- the entity who put up the actual funds to make your mortgage happen.

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