I retired this year and my mortgage is coming due soon. My advisor said to keep the mortgage as rates are low possible and keep the money invested to keep making me money. I’m not sure this is wise, and my advisor works for the bank who holds my mortgage. What do you think?
You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote*I’m buying a homeI’m renewing/refinancingYou will be leaving MoneySense. Just close the tab to return.
Is it a good idea to pay off a mortgage with RRSPs
Ideally, retirees should strive to have their debts paid off by retirement. Practically, I can appreciate that doesn’t always happen due to a variety of factors. But, there may be ways to use other assets to pay off debt at retirement to consider.
For some retirees, that may include a home downsize, which may or may not be a necessary or even a practical component of a retirement plan.
In your case, Liz, it sounds like you have investments with which you can pay off your mortgage…