When to Pay Off Your Mortgage

When to Pay Off Your Mortgage

My husband and I paid off our mortgage years ago. We planned to burn it while toasting our achievement with champagne. But we couldn’t get our bank to produce a burnable piece of paper. It filed a document with the county, releasing its claim on our home, and that was that.

Burn the mortgage? What kind of 1950s world had we been living in?

Today, some financial planners say that homeowners shouldn’t prepay, even if they can. Interest rates are so low, they say, you can get richer by keeping the loan and investing spare money somewhere else.

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