Pay off mortgage?

_rentof2
Thu, 19 Feb 2009 18:43:53 +0000

My son attends a CSS Profile college that caps home equity in some way relative to income, so since our income is fairly modest it doesn’t matter if we have $100,000 in home equity or $200,000, or more. However, they do factor in the expense of our monthly mortgage payments as a fixed cost, so if we were to pay off our house (ha! like there’s any way to do that! ;)) I think it would actually hurt us a bit in his financial aid award… I mean, some of the money we would then have available because we’re not paying a mortgage would be available to pay for college. Or at least that’s how it looks to me.

That said, I’d LOVE to be able to pay off the mortgage! Maybe before I die… who knows.