Source: The Ascent —
Many people who own homes carry a mortgage for many years. In fact, it’s common to spend 30 years (or more) paying off a home.
A lot of people start out with a 30-year mortgage and refinance it to another 30-year loan at some point down the line. So all told, many people who buy homes in their 20s and 30s just manage to get their mortgages paid off in time for retirement. And some don’t even manage to enter retirement free of housing debt.
If you owe money on a mortgage, you may be eager to pay it off ahead of schedule. And you’re not alone. In a recent Principal survey, 34% of respondents list paying off a mortgage as a top financial goal. But here’s why you may want other items to top your list.