There is all sorts of advice on the internet about why it is a bad idea to pay off your mortgage. For people who have mortgages with a penalty for early payment, paying it off might be a bad idea.
Borrowing from a retirement account to pay off a mortgage doesn’t seem wise either or diverting money from funds that pay a higher interest rate than the interest rate on the mortgage doesn’t seem very savvy either.
However paying interest on anything costs money and right now there are not many places to invest money where the interest rate approaches that of some mortgages.
Of course there is the mortgage interest tax deduction but if we do the math usually paying the interest on the loan is more expensive than what we could save in taxes.
I say ignore the advice and look at some actual numbers. Plug your loan info into an amortization calculator. Figure out how much money you will pay in interest from now until the loan is paid off. You might be surprised at how much interest you pay each year and how much you could save by paying your mortgage off now . . if you have the courage.
If you have cash or money stashed away that is earning less interest than you are paying on a mortgage consider paying off your mortgage. The money saved might just end up being more than you could earn in interest by investing the money.