In the majority of cases, people who live with a mortgage all their life feel the need to try and get rid of it as soon as possible after retirement or even before. They feel if they can get rid of their mortgage by the time they retire then they will be able to live much more comfortably.

However, now, more and more of us are considering taking on a mortgage into retirement age. Why? Because there are several added benefits to doing so.

For example, if you spend your entire life simply trying to fight off debt, you will have no money left for enjoyment in your retirement. If, however, you have taken out an interest only mortgage, you can make the current financial situation work for you.

Due to interest rates being at an all time low, this can mean you have to pay out far less per month in your mortgage, meaning you will have more money to focus on enjoying retirement.

If you look at your mortgage carefully and see if your home could pay for it, you can simply plan to let it be taken care of after your death, allowing you to use a lot more of the money you have saved up for yourself, which, after all, is what you have been saving for.