Why THIS DECADE is the best time to pay off your mortgage early

You planned on paying off your mortgage in the next five years, that is before you retire, but the markets current state is holding you back.

Since the market has slashed your retirement savings by almost 40%, you are betting that the stock market will rebound and that you would recoup your retirement savings.

Do you really need to pay off your mortgage in advance before you retire?

Find out more about the two reasons why it is best to pay mortgage and clear off your debt in 2009.

You should, however, take these two precautions before you go and get your mortgage paid off.

Paying your credit card debt would be a pretty much sensible priority this year, especially when they are already considerably high. It is important that you do this before you actually pay for mortgage because credit card interest rates can go as high as 30%. I will be talking about one exception later on.

See to it that you are making regular 401(k) or retirement savings contributions. The fact that the stock market is not faring well during the past eight months is not an unknown fact. It is understandable that you may find it impractical to regularly invest in the stock market. However, continuing to make the minimum contributions would still be the best way to get ready for your retirement while you are waiting to the market to rebound and restore your savings.

If you have completed these steps, then getting your mortgage all paid off before your retirement is the best financial tactic you achieve starting in 2009.

The best reason why you should own your home in retirement is that you would use your retirement funds only for property tax and maintenance cost. You don't need to use your retirement savings to pay off your huge monthly mortgage bill.

If you pay off your mortgage in retirement you have the option of getting access to your money through a reverse mortgage.

With a reverse mortgage, you will be able to make use of your home equity and turn your home as a source of income when you retire. However, you may only enjoy this benefit if you have your mortgage account almost paid off fully.

When you think about paying off your mortgage, you immediately think that you need to spend more of your own money in order to pay off our mortgage early. But it does not have to be this way.

There is a new technique called mortgage acceleration that will help you pay off your mortgage faster without changing your lifestyle. This technique can help you slash at least 13 years off your mortgage and save thousands of dollars of interest.
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