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Option To Use Your Savings After Paying Off Your Mortgage

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Compare Closing LLC
Option To Use Your Savings After Paying Off Your Mortgage

Owning a home is an American dream for which many people sign a mortgage and keep paying it off for over 30 years, or as long as the term of the loan. But if the mortgage is paid off ahead of schedule then you free up the cash to use as per your choice. Here are a few options for you to utilize this money wisely.

ENHANCE YOUR EMERGENCY SAVINGS

SAVE MONEY FOR YOUR CHILDREN’S EDUCATION

You can open a traditional brokerage account and invest that cash, or a 529 plan can be opened, offering you some tax benefits.

PAY ATTENTION TO YOUR RETIREMENT NEST

DOES PAYING OFF A MORTGAGE EARLY MAKE SENSE?

When you pay it off early it gives you an opportunity to potentially save thousands on your mortgage

Reference Source: The Ascent

https://www.compareclosing.com/mortgagenews/options-to-use-your-savings-after-paying-off-your-mortgage/

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