Livermore, Pleasanton, Danville, Short Sale Specialist
  

If you’ve recently come into some money, you may be tempted to pay off your mortgage early so you can finally be done with monthly payments and own your home outright. But while plenty of people choose this route for the security of owning their homes free and clear, it doesn’t always make sense, especially if you are near or in retirement.

“Although it may seem like peace of mind to finally own your own home, there are other financial factors you need to evaluate before making a final decision,” said Jane Bryant Quinn, personal finance columnist for AARP Bulletin, in an interview.

The money you intend to use to prepay your mortgage may be better used for paying down debt with higher interest rates, for example, or for investing in the future. Here are five reasons why you shouldn’t pay off your mortgage early.

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RE/MAX Accord Office Locations

 

RE/MAX Accord 1841 4th Street, Livermore CA 94550 925-373-7011

 

RE/MAX Accord 5950 StoneRidge Dr, Pleasanton CA 94588 925-373-7011

 

RE/MAX Accord 350 Montgomery Street San Ramon, CA 94583 925-373-7011

 

RE/MAX Accord 313 Sycamore Valley Road West, Danville, CA 94526 925-373-7011