It might be the dream of many American homeowners to completely pay off their mortgage and own their home outright. Not only would this idea provide a ton of peace of mind, but it can also help to dramatically shift one’s overhead into a position that’s more comfortable. So why wouldn’t an Animas Valley homeowner want to pay off their mortgage ahead of time? The reasons both for and against can vary, as we explain below.
How Early Payment Can Help
Not having a monthly mortgage bill is perhaps one of the top reasons for a homeowner to pay off their mortgage ahead of time, as this creates more monthly cash flow and more flexibility for those who are retired. But surprisingly there are other, less obvious, benefits to paying it early.