Owning a mortgage-free home has become a trend. Nearly 40 percent of homeowners own their homes outright, according to the National Association of Home Builders (NAHB). This is the highest it’s been in 13 years. Two-thirds of these mortgage-free homeowners are baby boomers aged 60 and over.
But is paying off a mortgage a wise move? For many, it could offer peace of mind, but there may be some financial ramifications to going mortgage-free. Knowing the pros and cons will help you make the right decision for your circumstances.
