Should retirees pay off their mortgages with investments? + MORE Nov 28th

Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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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?

–Liz

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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…

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