Should You Pay Off Your Mortgage Before Retirement? | Ep 26

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In this episode, Mark Zagurski tackles the hotly debated question: should you pay off your mortgage before retirement? With nearly 20% of homes in major U.S. metros owned by people 65 and older still carrying mortgages, this decision carries significant financial and emotional weight. Mark breaks down four reasons to pay off your mortgage, peace of mind, lower expenses, interest savings, and housing security, and four reasons to keep it, including low interest rates, liquidity needs, opportunity costs, and tax deductions. He also explores how home equity, a major component of net worth for retirees, can be leveraged through options like reverse mortgages to generate income in retirement.

You’ll learn:

The pros and cons of paying off your mortgage before retirement.

How home equity fits into your overall retirement strategy.

The role of reverse mortgages in accessing cash flow without monthly payments.

Why personal finance decisions, like mortgage payoff, must be tailored to your situation.

The importance of considering opportunity costs in your financial planning.

“The home is a large asset and needs to be considered as part of total wealth and as a possible asset to generate retirement income.” - Mark Zagurski

Ready to explore how your home fits into your retirement plan? Head to www.makeitpersonalpodcast.com to download our eBook and connect with a Mutual of Omaha advisor for a no-obligation consultation.

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This podcast is for educational purposes only and may include references to concepts that have legal and/or tax implications. Mutual of Omaha Investor Services, Inc. does not provide tax or legal advice. Please consult with the appropriate professional regarding your personal situation prior to making any financial decisions.  Strategies discussed may not be suitable for everyone.   Securities and advisory services offered through Mutual of Omaha Investor Services, Inc. Member FINRA/SIPC. Mutual of Omaha Advisors is a division of Mutual of Omaha Insurance Company.