Should You Payoff Your Mortgage?
Article by Jon Dulin, pennythots.com
“After the Great Recession, many homeowners lost a lot of equity in their homes. Even with government attempts to bail out homeowners, many found themselves underwater and unable to move. In many cases, homeowners found it hard to even make their monthly mortgage payment.
Fear is a great motivator and fear has led many homeowners to ask me the question “should you payoff your mortgage”? By asking should you payoff your mortgage, many see the goal of not having to make a mortgage payment anymore and freeing up hundreds or potentially thousands of dollars each month.
While the idea of getting rid of your mortgage sounds like a great idea, it is not for everyone. In fact, if you payoff your mortgage you could very easily find yourself in worse financial shape than had you kept the mortgage.”
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