Tips for those wanting to make sure their mortgages are paid off before retirement: * Develop a “cash flow’’ plan that estimates the total amount of household expenses you’ll need to pay each month in retirement. * Refinance your current mortgage into a shorter-term 15-year or 10-year loan, shaving off years from your long-term mortgage-payment schedule. * Make an extra mortgage payment each year - or a total of 13 per year. * Stay or switch to rental units upon retirement, eliminating the need for monthly mortgage payments altogether. .
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