Donald J. Griffin Not many people think of carrying a mortgage during their retirement years. The financial truth, however, may be different than the myth that the only good mortgage is one that is paid off.
Mortgages are of course essential to home purchase an event at all ages and lifestyles.
The young homeowner needs the loan perhaps to supplement their financial position. For older homebuyers whose financial condition may be more established, a residence mortgage might still make sense, especially for tax reduction purposes. Since the tax relief act of 1986, legitimate tax shelter strategies have been hard to find. The one tax shelter that has survived the legislative tax knife is mortgage interest on a primary or secondary residence. The deductibility of home mortgage interest is as American as apple pie.