This is a question that comes up often in meetings with clients and not one that can necessarily be answered easily. There’s not a one-size-fits-all answer when it comes to paying off your mortgage. Many different things need to be considered and your situation can be very different from the friend you were talking to over lunch that said they just paid off their mortgage and are enjoying not having to make that payment every month. You especially need to be careful if you are considering using tax-deferred dollars from your retirement accounts!
Recently I had the opportunity to meet with a most wonderful lady. Unfortunately it was not under the greatest of circumstances. In the couple of months prior to our meeting her husband had suffered a heart attack and while in the hospital suffered a stroke. At the time of our first meeting he was showing good signs of recovering to the point of not needing a great deal of assistance. Unfortunately that did not continue.