2007-04-29 06:37:20 · 4 answers · asked by Joyce Z 1 in Business & Finance ➔ Taxes ➔ United Kingdom
Well, I think it is obvious, but first you should pay off higher interest rate loans you may have, such as credit card debt. Second you have to consider whether the tax benefits of having a mortgage outweigh the benefits of paying off early. Since you're retired I doubt the interest you're paying on your mortgage is much of a factor come tax-time, so pay if off as soon as possible.
That being said, seeing a CPA or financial planner is very cheap compared to the savings you can expect by taking their advice.
2007-04-29 06:42:27 · answer #1 · answered by Simmons37 2 · 0⤊ 0⤋
It really depends on your other investments and your mortgage rate.
For example, my mortgage rate is %4.25, I am earning %5.5 in a CD.
So for me, it makes sense to pay as little as possible on my mortgage.
2007-04-29 06:42:45 · answer #2 · answered by Vegan 7 · 0⤊ 0⤋
Apparently never. Get on Suze Orman's website and see what she says. If either of you die the home is paid for. So, why pay it off? Invest the extra money it will give you something to leave to your family. Just Ask Suze, she'll take good care of you.
2007-04-29 06:43:34 · answer #3 · answered by dtwladyhawk 6 · 0⤊ 3⤋
Here's something yahoo featured earlier about this.
http://finance.yahoo.com/expert/article/moneyhappy/30425
2007-04-29 06:41:51 · answer #4 · answered by herbs411_42719 5 · 0⤊ 0⤋