If you're still saving for retirement, ask yourself whether you could earn more on the money than you're paying in interest. With a mortgage, if you're far from retirement, the answer is equally clear. Given that, there's little reason to prepay it. In retirement, however, you'll tend to think about these decisions differently. Once you've stopped receiving a salary, you'll need to figure out where you're going to get money to pay the bills.
Many retirees find enormous peace of mind in getting rid of their largest monthly expense.
With this loan, essentially a mirror image of a conventional home loan, the lender pays you. You must be 62 to qualify, and the older you are, the more you can borrow. For more, check out reverse.org . Time Inc. All rights reserved. Reproduction in whole or in part without permission is prohibited.