September 12, 2006 2:06 AM
Suze Orman: Spend Today For A Better Retirement
This is probably among the worse tips from Suze Orman. Whether to pay off a mortgage should be a function of many other factors, especially whether you can earn more money to invest some extra cash compared to the rate you have on your mortgage. There is simply no one-size-fit-all.
From Yahoo:
What I am talking about is spending your 40s and 50s-your prime earning years-paying off the mortgage so that when you stop working you no longer have this big monthly bill to pay. (If you rent, obviously the first goal is to buy a home so you can set up an accelerated mortgage payment plan of your own. You don't want to be paying rent in your golden years any more than you want to be saddled with an unpaid mortgage.) Of course you'll always have property tax, insurance, and maintenance costs to cover, but by eliminating your basic mortgage you will have bought yourself a whole lot of security.
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