The debate over whether to pay off a mortgage early remains relevant, with many considering the implications of making larger payments or paying it off entirely. Experts suggest prioritizing high-interest debt before considering early mortgage payoff. While personal financial goals dictate individual responses, keeping cash reserves for investments or retirement may offer more substantial benefits than simply eliminating mortgage debt. Moreover, many advisors provide varying advice on this issue, emphasizing the term 'good debt' as a crucial factor influencing one's financial strategy.
Whether you should pay off your mortgage early has been around for decades, but ultimately, the benefits of doing so don't outweigh the negatives.
The challenge is that if you ask 10 financial advisors about whether to pay off a mortgage early, you'll likely get 10 different answers.
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