Quora Answer: Should I be Worried if I am 27 Years Old, & have 21 Years Left on My Mortgage?

The following is my answer to a Quora question: “I am 27 years old, and I have 21 years left on my mortgage.  Should I be worried about this?”

No, you have no reason to be.  Having a mortgage at this age gives you options that an older person does not have, since you have many more years of potential earning ahead of you.  You have the option of continuing with the current arrangement, and have the mortgage paid off before you are 50 years of age, which is more than a decade before retirement.  Alternatively, you are young enough that you have the option of refinancing to help your immediate cash flow, if that is required.  However, it would be more prudent to keep to the existing arrangement, since refinancing would likely mean a higher rate of interest.