Home Buying in Los Lunas>Question Details

Terry, Home Buyer in Muskego, WI

pay off home

Asked by Terry, Muskego, WI Fri Oct 10, 2008

Is it a good idea to pay off our home?
We have the money to do so-and still have a good amount in savings/mutual funds.
Our child has grown-so no tax deduction there. My husband recently retired, (June 2008) and I still work full time. I am 47, my husband is 55.

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One way to look at it is what's your current loan rate? If you don't think you can conservatively invest money for a better return and have enough money to live on it might not be a bad idea. On the other hand it is much harder to borrow money these days, so if you think you might need to borrow money at some point in the near future, then maybe it's better to keep things the way they are. Might be worth checking in with a financial planner who can go over all your investments, goals etc and see what makes the most sense. Glen
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