Eliminating your mortgage would eliminate the various payments that you are currently making against the loan, but at the same time, it might adversely affect your taxes by eliminating tax-deductable interest payments. As it happens, Bud Hebeler, one of our directors and an expert on retirement finance, has addressed this very question:https://www.newretirement.com/Answers/Bud-Hebeler/Paying-Off-A-Mortgage-Early.aspx