Being unsure whether to pay off your mortgage or not — that’s a good problem to have! It means you’ve built up significant savings and have options.

While being debt-free is appealing to many, there are practical reasons to consider keeping your mortgage. Let’s take a look at both sides.

Paying Off Your Mortgage

Paying off your mortgage can offer peace of mind, a sense of accomplishment, and a guaranteed return equivalent to your mortgage interest rate.

It may also reduce financial risk by lowering your monthly obligations, which may be especially beneficial as you approach retirement.

Keeping Your Mortgage

Keeping your mortgage might allow you to pursue higher returns through investments, maintain liquidity for emergencies, and enjoy potential tax benefits.

If you’ve locked in a low interest rate, you may prefer to keep that money working for you elsewhere.

Ultimately, your decision depends on your goals and comfort with debt. PCA is in the business to help and would love to discuss your unique situation with you!

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