Ask an Advisor: As a Retired Teacher With a Pension and $550k Saved, Should I Pay Off My $120k Mortgage?

SmartAsset and Yahoo Finance LLC may earn commission or revenue through links in the content below. I am trying to decide if I should pay off my house worth about $750,000. I owe around $120,000 on an adjustable-rate mortgage (ARM). On the other hand, my 4.5% interest rate just ended and I know the interest will continue to rise in this economy. My mortgage is $1,450 per month, having risen $400 in the last year. Interest is around $500 per month. I am 69, a retired teacher, have a state employee pension ...