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RayAnswers, Attorney
Category: Estate Law
Satisfied Customers: 40993
Experience:  Texas lawyer for 30 years in Estate law
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I have a house with a mortgage. Is it better to have a

Customer Question

I have a house with a mortgage. Is it better to have a mortgage or pay it off ? I owe 220,000 with 30 yrs of which I have 25 yrs left to pay at 1800 a month prin and int taxes all inc
Submitted: 2 years ago.
Category: Estate Law
Expert:  RayAnswers replied 2 years ago.
Hi and welcome to JA. I am Ray and will be the expert helping you today.
I am going to tell you yes for a couple of reasons.First Florida has unlimited homestead here, once you pay it off creditors cannot touch it.This is a great shelter Florida is about the most generous in that regard.
The second is that while you might loose interest deduction you gain the peace of mind of truly owning the place.You will then only be paying taxes and that cuts your debts by a large margin and gives you cash to live on.As long as you intend to live there for a good while this is a good idea so you have a paid for home regardless of what happens.There are millions of folks that would want that if it were possible.
Overall it is a good thing for the reasons I set out.It gives you peace of mind about the future.
I appreciate the chance to help you today.Please let me know if you have more follow up.Thanks again.