this post was submitted on 08 Jul 2023
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Personal Finance

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Are there any disadvantages to paying off your mortgage? Can you always just get another mortgage later on, or doesn’t it work that way? This is in Canada, where mortgage interest is not tax deductibl (kbin.social)
submitted 1 year ago by [email protected] to c/[email protected]
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Are there any disadvantages to paying off your mortgage? Can you always just get another mortgage later on, or doesn’t it work that way? This is in Canada, where mortgage interest is not tax deductible.

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[–] ShivTheShiv 2 points 1 year ago (1 children)

You can’t always get a new mortgage if you need one. Long term unemployment and critical illness being two scenarios where you’ve lost your income and need cash. If you rely on two incomes to qualify and you are divorcing or get widowed, that’s a problem. Also if you are in the middle of a divorce, you might be restricted from mortgaging the property until it is disposed of in some way.

[–] [email protected] 1 points 1 year ago

@ShivTheShiv
Smart things to consider, thanks!