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My mortgage has less than 3 years to go so will be paid off well before retirement. Can't wait as I have been paying mortgages for nearly 30 years already.

I would not want a mortgage in retirement. Although we plan to move again in the next few years, it will probably be to down size, so hopefully have a bit left over to spend on other things

I can't imagine taking on a mortgage at an age when most people would be hoping to have paid theirs off! It would be really stressful to be back in debt at my age. Not something I'd want.

Although I am over 55 and have been mortgage free for a very long time, I cannot see any reason why over 55's should not be given the opportunity to take out a (re)mortgage.
The most important thing however is affordability because if you do not have a sufficient regular income to cover any monthly repayments as well as other essential expenditure, my advice would be never buy something you cannot afford.
I have never been the biggest fan of Equity Release and to be honest cannot see my own mindset changing but it could be just the thing someone else is looking for.
If you do not have anyone to pass down an inheritance to, why not enjoy yourself and raise capital against a property you own to do all of the things you want to do and not worry about scrimping and saving.
Alternatively if you do have family, you can raise funds against the Equity in your property (although over time, this will eat away an ever diminishing value if no payments need to be made) and gives this to help them get onto the property ladder a littler earlier or even pay for a wedding/car/university fees etc, rather than when you pass away.
With interest rates so low now, there is in my opinion never a better time to get a mortgage (assuming you can get one) but always be aware of the fact that interest rates will at sometime increase and this will then generate the question of affordability.

We have just this week paid off our mortgage at the end of its term, so it hasn't quite sunk in yet, that may happen with next months bank statement!
At the moment, with interest rates so low a mortgage is a cheap way to borrow so I wouldn't rule out taking out another mortgage if our circumstances change.

I paid off my mortgage early when I had a huge cash bonus from a company who I walked for. The relief of not having to find that monthly amount was wonderful. I cannot think of anything worse than taking out a new mortgage. I have lived mortgage free for about 20 years now and do not want to do that again!

We paid our mortgage off and it was a relief when we think our children still are paying theirs. We would help if they need help. It’s wonderful to know you don’t have one now as we still have lots of other payments that to do. I hardly save any as I pay for the phone WiFi, council tax and other bill to pay.

My advice would be to get yourself into a position where you can make regular over-payments. As well as getting you to a mortgage free situation much earlier than you otherwise would, it will give you some protection and put you in a more secure situation when a pandemic comes along.

I think I only finish paying my mortgage when I'm 115 years old

I thought I was only 8 years from paying off my mortgage, but having now separated I find myself having to decide whether to buy him out or sell up and split the equity.
It will mean downsizing considerably, but the thought of another 15-20 years to pay off the mortgage makes my blood run cold.

I would not want to be burdened with a mortgage late in life, it is the first thing I would pay off, I didn't even have a car to pay off my mortgage.

I paid off the mortgage when it naturally came to the end. It was certainly a day to celebrate it feels so much better not having that monthly payment.

We still have a small mortgage that I’m hoping we have paid before we retire. I would hate to think I still owed money on a mortgage when I wasn’t earning anymore. To have that debt would be a massive worry for me. Ideally I would like to pay off the mortgage before we retire and use the final years of working to put aside for retirement to travel a little before we are to old to enjoy it. Life’s to short and the older you get the more people you loose. We have worked all our lives to provide a home for us and the children. To take a mortgage out in retirement would mean I had no other choice at that time. Although everyone is different with different circumstances so it’s good that there is that option for those that need it.

Comments on the nine previous pages seem to hint at equity release being dodgy.I have worked all my life,retired at 67 ,72 now.Mortgage free.
Son 39, I was considering equity release, as he would not be able to run the house,when I die. It would be easier for the executors of my will, if the house were already 'sold' and they only had to deal with cash. I could then open a couple of bank accounts, under the limit of probate ,for my son.
I have had to wait over nine months for probate to be granted to me,from a totally straightforward will.

I do not want that to happen to him when I die.

I would not want a mortgage in retirement. I think having a tighter budget would be even more stressful with a mortgage. I would prefer to have somewhere smaller and have extra disposable income.

I have a current account mortgage which has been a Godsend for me. I regularly overpaid for a couple of years which got me ahead, but then my finances took a bit of a downturn and I was able to absorb it because I'd already paid so much. I don't want a mortgage in retirement, but it's looking like that might have to be the case now.

I can't wait until our mortage is paid off and hate the idea of taking one out in retirment. I can see how it would be appealing though as it would give extra money to enjoy.

I paid off my mortgage when I was 50; I did it through hard saving and making overpayments every month which meant a few years of going without holidays, but worth it when I achieved my goal. Absolutely no way in this world would I take out another mortgage now, having worked so hard to pay off the previous one!

I would consider a mortgage only if it enabled me to have a better standard of living - live nearer relatives, better security, lower maintenance, my dream garden etc. - and was able to meet the repayments comfortably.

Our mortgage was paid off many years ago. If we decided to downsize, I would hope the sale price of our present house, plus savings would cover the cost of a new property. As our savings would then be much reduced, and with no other source of income than pensions, I wouldn't like to consider taking out a mortgage at our advanced age.

It is like banging your head against the wall- feels so so good when it stops. Remembering the days when we were paying 19% interest. Never ever want to have a mortgage again - the day it stopped was just too wonderful.

I would rather have mine paid off ahead of reitrement, so I can retire worry free and without an additional large expense

Managed to pay mine off early by making overpayments. It would have been financially better to put the extra in a savings account at that time, but psychologically it was better to pay it off early.

I wouldn't want a mortage in retirement, but for couples that separate later on in life, it might be really useful to have that option.

We still have 5 years to go on our mortgage and can't wait until it's paid. I'll be 60 and my husband 65 so I don't if we will ever take out another.