7 Ways to Retire Without a Mortgage

Admit it: Whether you're 35 or 65, the prospect of retiring without a mortgage is an attractive one.

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Admit it: Whether you're 35 or 65, the prospect of retiring without a mortgage is an attractive one. No more monthly mortgage payments to your home lender means extra money to spend on having fun in retirement. After years of punctual principal-and-interest mortgage payments, it's the least you deserve, right?

And yet, more and more Americans are still carrying a mortgage when they reach retirement age. According to a 2019 report from Harvard's Joint Center for Housing Studies, 46% of homeowners ages 65 to 79 have yet to pay off their home mortgages. Thirty years ago, that figure was just 24%.

There are several smart ways to retire without a mortgage. We've come up with seven that fit a variety of retirement scenarios. Some approaches benefit from an early start, so plan as far ahead as you can. Other mortgage-free retirement options can be pursued even if you're close to signing up for Medicare and Social Security. If your goal is the peace of mind that comes with paying off your home loan before you reach retirement, check out these seven ways to retire without a mortgage.

Michael DeSenne
Executive Editor, Kiplinger.com
DeSenne made the leap to online financial journalism in 1998, just in time for the dot-com boom. After a stint with Dow Jones Newswires, dreams of IPO riches led him to SmartMoney.com, where over nine years he held several positions, including executive editor. He later served as the personal finance editor at HouseLogic.com and AARP.org. In 2011, he joined Kiplinger.com, where he focuses on content strategy, video, SEO and Web analytics. DeSenne has a BA from Williams College in Anthropology—a major deemed the absolute worst for career success by none other than Kiplinger.