If you’re at that point where you want to do anything to get out of debt, you might consider selling your investments. More specifically, using your retirement to pay down debt. We made the decision to use a $25,000 IRA withdrawal to pay off the mortgage. Do you think we’re crazy?
(Josh is a freelance writer during the day, and chases his two small children in his free time. He’s here to tell his debt free story — including why he used an IRA withdrawal to pay off his mortgage.)
There are many different mortgage payoff strategies you can use that eliminate your monthly payment without tapping into your IRA or 401k. However, there are several reasons why you might decide to follow a similar path to ours.