I want to pay off my home mortgage

[Hector]

I wont pay down mortgage of 40k if I only have 125k in total savings/retirement at 59. I would keep working till 65 and wont take risk of living without health insurance in my 60s. I would spend that $75 for inspection right now and wont even think about dropping insurance on my paid off house.

[SavingAdvice]

yes pay off your house since your giving them free money u can use for other things

[Money Gal]

Why would you pay off the mortgage if part of your plan is to sell the house in the next couple of years? This does not make sense to me.

Canceling homeowners insurance is ludicrous. Why on earth would you 'take a risk' like that? Your HI is high, so I'll guess you are in FL or somewhere with regular hurricanes. You have not only those sure risks but someone getting injured on your property & losing the house entirely if you are not insured.

I see absolutely no benefit to you for paying off the mortgage, especially if you think the only reason for having insurance is because the bank has an interest in the house. If you are really concerned about monthly cash flow, I would rent a room out & drop that money in an account for a future payoff of mortgage IF you don't end up selling the house.