Reply to 50 and over. Have you paid off your house?

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Reply to "50 and over. Have you paid off your house?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]10 years to payoff. We've been extremely lucky and bought in a desirable area, way before it was desirable so the mortgage is ridiculously low. We've done some renos and refinanced, but the last time we refinanced, we did a 15 year so we are back where we should be. I also double pay the principal every month though my husband is worried what we'll do for tax write offs when we do pay it off. I need to talk to a financial/retirement adviser and see what makes sense.[/quote]

Your mortgage (i.e. the amount you owe on your loan) is no lower than it would have been regardless of where you bought.  Due to buying in a neighborhood that has seen appreciation, what is lower is your "leverage" or loan-to-value, meaning you have more equity.[/quote]That was poorly worded. The price we paid was low, so our mortgage payment is low because we didn't pay much for the house. I understand about equity. What I don't understand is what we'll do for deductions on our taxes after we pay off the house in 10 years.[/quote]

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