Admit it: Whether you’re 35 or 65, the prospect of retiring without a mortgage is an attractive one. No more monthly mortgage payments to your home lender means extra money to spend on having fun in retirement. After years of punctual principal-and-interest mortgage payments, it’s the least you deserve, right?
There are several smart ways to retire without a mortgage. We’ve come up with six that fit a variety of retirement scenarios.Some approaches benefit from an early start, so plan as far ahead as you can. Other mortgage-free retirement options can be pursued even if you’re close to signing up for Medicare and Social Security.
Some retirees don’t mind a mortgage, be it for the tax write-offs or to prevent too much money being tied up in home equity. But if your goal is the peace of mind that comes with paying off your home loan before you reach retirement, check out these six ways to retire without a mortgage.