Paul, 62, is like a lot of people near retirement: He wants a safe place to invest his money. But the interest rates on savings accounts barely keep up with inflation. Would it make sense to pay off a mortgage instead? DailyFinance's Laura Rowley reports.



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TOYA RULES !

I entered this screen because I wanted to hear, what is better, paying off your home at age 62 or not. All I got is the run around. So dont expect to hear from me again!

October 19 2011 at 5:19 AM Report abuse rate up rate down Reply
capenv

Paying off my mortgage was a huge weight off my shoulders.
I'm making much less money now that I did 5 yrs ago but I'm doing fine because I don't have the financial burden of my mortgage any longer. I have a five bedroom home down town in a major US city. I can't rent a one bedroom apartment for what my housing expense is now. Don't listen to the financial guys with there hypothetical theories. When the sht hits the fan and you lose your job or you want to retire you'll be damn glad you you paid off your mortgage.

October 19 2011 at 2:06 AM Report abuse rate up rate down Reply
Greg

Since 401Ks were invented by Wall Street to make money for Wall STreet, you can bet the average American is going to lose money by investing in 401ks. Since pensions are practically non-existent, and since interest rates on anything such as cds or savings accounts are far lower than inflation, it almost makes no sense to save anything.

Yes, absolutely, pay off that mortgage! Even if it means cashing out a 401K, cause at least you get to use the money instead of Wall Street.

And to all you Occupy Wall Street people, please, you've got 30 years mortgages probably and credit card debt and so Wall Street doesn't care anyway.

October 18 2011 at 3:01 PM Report abuse rate up rate down Reply
ilm9p

Laura I don't have the foggiest idea what you're talking ab out here but you sure do look good doing it. Those jeans are you, baby! Woot! I said, Woot!

October 18 2011 at 2:46 PM Report abuse rate up rate down Reply
SPQR

she should have had an answer and not theories. The people I know that paid off their homes are very happy they did it!!

October 18 2011 at 1:59 PM Report abuse rate up rate down Reply
dabrownman

Ever since the CLYDE's at the Huffing Postals took over AOL the articles have been doom and gloom. You must remember that lefties of all stripes are just plain depressed and miserable all the time and they think everyone should be just like them so they write their insane insignificant thoughts on the AOL blogs hoping to make you as insane, depressed and miserable as they are.

October 18 2011 at 12:07 PM Report abuse rate up rate down Reply
corconvet9

The question was only partially answered. The property mentioned was an investment property .
What if it is your home in a great area ? The couple is retired and one plans to keep it in the family

October 18 2011 at 11:03 AM Report abuse rate up rate down Reply
1 reply to corconvet9's comment
jleup77276

Thanks for paying attention, lol. The video clearly states that the longer a property is held, the more likely it will increase in value. It's irrelevant if the intention is as an investment or not. "The family" will benefit .

October 27 2011 at 8:40 AM Report abuse rate up rate down Reply
wixie7

so funny how she mised the most important point. INFLATION is comming and you should not pay your mortgage in full. such a shame thatt such an important point is missed. the most important point for any investment decision for the long term. The Fed is printing money and thus inflation is on its way. keep your mortgage. be aware that the dollar is in big trouble and look to gold and silver but be vigilasnt as it is a bubble just like the real estate bubble that will burst but for now it will be going up.

October 18 2011 at 7:39 AM Report abuse -1 rate up rate down Reply
jjnyka

With the money I have saved by paying off my mortage years ago, I could buy any one of the hundreds of banks currently teetering on the brink of insolvency because of their illegal lending practices. But I'll pass simply to avoid being labeled a scumbag.

October 17 2011 at 11:49 PM Report abuse +1 rate up rate down Reply
capenv

Don't bogart that fatboy, pass it over here.

October 17 2011 at 9:41 PM Report abuse rate up rate down Reply