This is a question I have had to deal with on a number of occasions in the past and expect to do so again in the future. Part of stepping into retirement is a psychological decision that you can afford to do so. In my professional opinion, these decisions are not exclusively financial and I for one believe that having a home free and clear in retirement is an extremely important goal and one worth attempting to achieve. Let me be clear that I am one of a very few financial advisors (Fee-Only) who does not manage our clients money. This is a job skill I never had and instead, I am a comprehensive financial planner who deals in long-term spending plans and cash flow analysis. Having said this, I can prove to you on paper the cash flow is improved without a mortgage and without an income tax deduction at every level of federal taxation. However, this does not take into consideration what funds could be invested over a longer period of time as an alternative to "no" mortgage. However, if cash flow and its positive aspects are attractive to you as you think about retirement 12 years out, then being mortgage free can be financially sound and psychologically comfortable. Hope this helps and good luck.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.