So our plan has always been to retire with a paid off mortgage. The idea was that we'd always have a roof over our head and a handy nest egg to fall back on.
We are on track to be mortgage free in two years, right when we retire. We're planning to move "home" and expect that we can sell the current residence and find something comparable when we move.
Here's the thing. I've been thinking that tying up a sizable portion of our wealth in a home may not be the best use of our money. I mean, if we rented we'd expect to pay $1,200-$1,500 a month in rent, so why not go into retirement with a mortgage, say a 30 year fixed and understand we probably won't ever pay off the mortgage.
Not that I care about that part; I'm hoping my last check in life bounces and it's made out to the government.
Anyway, what's the pro and con of going into retirement with no mortgage VS tying up so much wealth in a roof?
We are on track to be mortgage free in two years, right when we retire. We're planning to move "home" and expect that we can sell the current residence and find something comparable when we move.
Here's the thing. I've been thinking that tying up a sizable portion of our wealth in a home may not be the best use of our money. I mean, if we rented we'd expect to pay $1,200-$1,500 a month in rent, so why not go into retirement with a mortgage, say a 30 year fixed and understand we probably won't ever pay off the mortgage.
Not that I care about that part; I'm hoping my last check in life bounces and it's made out to the government.
Anyway, what's the pro and con of going into retirement with no mortgage VS tying up so much wealth in a roof?