If you aren’t already there, you will someday face retirement. Want to know a secret shared by the happiest retirees?

Author Wes Moss, at TheBalance.com documents the results he found among retirees. When their mortgages are paid off, their happiness levels rise. Quote: “All the successful retirees I know who are living out their dreams are those who have eliminated or drastically reduced their mortgage payments before retirement.”

Since you no longer have to pay the bank, you can save the money you were applying to your mortgage. It gives you margin in your budget to allow for you to impact the Kingdom in countless ways.

Paying off the mortgage may seem like an insurmountable challenge. If you do not have any high-interest debt that needs to be eliminated, then you may benefit from these tips:

1. Keep your payment below 25% of your gross monthly income.
2. Check out our Mortgage Pre-Payment Calculator. This is an easy tool that allows you to see how increasing your monthly payments from as little as $50 a month to as high as you want can impact the interest you will save over time.
3. Make bi-weekly mortgage payments. Rather than paying $2,000 a month, you pay $1,000 every two weeks. This enables you to make an extra mortgage payment every year.
4. Consider the 1/3 rule. Some financial planners suggest this if you can pay off your mortgage using NO more than 1/3 of your NON-retirement savings.

Remember to do your own research, pray about the decision, and consult several wise people.

Being financially free is not just about getting on a budget and living debt-free. I always say that if that’s all we have helped you accomplish then we have failed. True financial freedom begins with a transformation of the heart and we believe that God’s principles change everything!