Tax Deduction – depending upon on your specific tax situation, you could qualify to receive a tax deduction for mortgage interest expenses.
Preserve Retirement Savings – making extra payments to pay down a mortgage takes money away from your savings for retirement. If you are looking to pay off your mortgage, you may find yourself cash poor and house wealthy.
Avoid Reverse Mortgages – if your home is paid off and your retirement savings are less than needed, you may be forced to get a reverse mortgage in the later years of your life. The reverse mortgage is a more expensive product than other mortgage types and produces less overall wealth, reduced assets, and less income in your retirement years.
Lower Risk of Inflation – today, mortgage rates range from 2.75% to 4.00%. As inflation becomes more pronounced in the coming years, loans will become more expensive. A 4.00% mortgage will provide you a loan at a great rate, so your home and mortgage become a great inflation fighter.
To learn more about the benefits of maintaining a mortgage, contact us today.