What are the pros & cons of paying off your home's mortgage instead of having funds in redraw? (mainly from a retired person's point of view) Pros: 1. No need to do worry about admin work. Eg: Moving funds 2. Money in the redraw isn't really yours. If you pay it off, then nobody can 'steal' it from you. 3. Feeling that, your home is actually yours. Cons: 1. Asset protection. I remember @Terry_w was talking about leaving the titles with the bank is better than having it with you. a. The title is safely kept at the bank b. Any title search would show that the house it under a mortgage, but nobody would know how much. Less chance of suing you. 2. Emergency money: Since you can't qualify for new loans, this is one way to have access to large amount of money. Are my above statements correct? What are the other Pros & Cons of paying off a mortgage?