by Amela Piric

Created on: April 19, 2009   Last Updated: July 30, 2009

If you have saved up money, don't wait for tomorrow but pay off your mortgage right now. You will be relieved from the feelings of anxiety and worry associated with owing money. Studies are showing that approximately 16 percent of workers and 10 percent of retirees believe that making mortgage payments or paying for a house is the most pressing financial issue facing Americans today.

Below listed are major benefits associated with paying off your mortgage before you retire.

1. It is the best investment you can make in life

Owning your home is the best investment that you can make in life. It is always a plus whatever you decide to do in life. You can always use your property as a guarantee for starting up your own business which you may need to do if you loose your job due to economic recession. Its value will grow in time.

2. You will alleviate the worry animal hanging over your shoulders

The sooner you eliminate your mortgage payment, the better off you will be. We are living in an insecure time of economic recession where we are all subject to potential lay offs. Our retirements are no longer fully secure either. Paying off your mortgage will relieve you from the enormous financial responsibility hanging over your shoulders.

It will help you alleviate the stress associated with owing money. You will no longer feel worried and insecure as a result of owing money and will manage to sleep better in today's uncertain times. Paying off your mortgage will help you focus on other priorities awaiting you in life.

3. Owning your home will give you a special feeling of security

Eliminating the loan will help you deal away with the risk of owing more than you own. You will avoid climbing rates if the interest on your loan is variable. Owning your home gives you a sense of stability and security that the possibility of stock market gains can never do. Feeling of security that comes from owning your home is important especially if you plan to live in your home when you retire. You will feel more secure owning your home free and clear. You may also want to leave a debt free home to your children.

4. You will experience tranquility and happiness in life

You never know what unexpected surprises life may bring your way. Nobody can guarantee you a job nowadays. The closer you get to paying off your home mortgage, the happier and the more secure you'll feel. And most of all, owning your home will help you feel comfortable and happy

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