Finance Expert Doug Messina: Home Mortgage
Paying off your mortgage may seem like a great idea, but there are a variety of factors to consider in the decision. One of the biggest is the cost of moving a large sum of money out of an existing investment to make your final mortgage payments. If the interest rate you pay on your mortgage is low, you may want to keep that money invested and continue making mortgage payments. On the other hand, as you near retirement, you might appreciate eliminating the debt to reduce your monthly expenses.
Also, holding a mortgage is key to many Americans' tax strategy because the interest paid could potentially be tax deductible. If mortgage interest is part of your tax strategy, consult with your tax professional before making the decision to own your home outright.
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| Doug Messina 615 Route 32, Suite 4 Highland Mills, NY 10930 845.241.8300 Ask Doug Messina a Question www.ameripriseadvisors.com Most hardworking Americans dream about retirement. Yet the road to retirement can raise questions along the way. If you wonder when, where, why or how to fulfill your retirement goals, you are not alone. Here are some common inquiries my team hears from clients who are planning for this major milestone – whether it's right around the corner or far off on the horizon. Remember that your dreams and financial situations are unique, and there is no one-size-fits-all retirement solution. |