Many say purchasing your home is one of the biggest decisions you make in your life, but very few talk about how big of a decision it is to pay off your home.
There’s a lot of disagreement on this topic, and clients often find themselves lost and uncertain as to what they should do. With you guiding the conversation, clients will gain a more nuanced understanding of why and why not to consider paying off their mortgage. Help your clients identify every facet of the equation and its relation to their own financial situation.
This flowchart covers important decision-making factors a client must consider when paying off their mortgage, such as:
- Thoroughly weighing the pros and cons involved in this big decision, and how they specifically relate to their financial situation.
- Recognizing what degree of flexibility they may or may not have after paying off the mortgage.
- Considering any tax implications that may result from paying off the mortgage.
- Identifying sound reasons for paying off the mortgage, and determining the best course of action if applicable.