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What to do with that mortgage? Many soon-to-be retirees wonder whether they should pay it off, but what about current retirees? Here’s how you can make that determination.

A common question: Should you pay off your mortgage before you retire?

A less common question: Should you retire, then pay off your mortgage?

If you’ve hemmed and hawed over the benefits of paying off your mortgage versus keeping it, you’re not alone. In fact, you might whip back and forth between the two camps of thought — totally normal. 

More and more people are keeping their mortgage into retirement. In 2016, 41% of homeowners ages 65 and older had a mortgage on their primary residence compared with 21% in 1989, according to the Housing Finance Policy Center. The median outstanding debt rose from $16,793 to $72,000.