 So, is paying off your mortgage a good idea for Americans in late middle age? Well, like all financial decisions, it kind of depends. So give me 60 seconds and I'll help you decide. It really depends on a bunch of things. You got to think about the length of the time you have left to pay the loan, the interest rate, your retirement savings, of course other debt, and what's your current employment status? That said, baby boomers or people ages 51 to 69 have watched their median, outstanding mortgage balance rocket 142 percent since 1992. Wow. So while your gut probably is screaming, just pay it off already. Hold on a second. Now granted, if you have enough money to retire and no other debt, then sure, go for it. But if not, it probably makes more sense to max out your retirement savings first. Most financial planners would rather see you invest that money in a tax-favored account like IRAs or Roth IRAs, rather than wipe out your savings just to pay off your mortgage, especially if you don't plan on dying in the house. Now, if you have a low fixed interest rate on your mortgage and you're getting a mortgage interest deduction, it almost becomes good debt and kind of makes sense to keep it. Bottom line is it depends on a bunch of factors, including your gut. If you can't sleep at night knowing you have a mortgage outstanding, then talk with your planner and try to figure out how to get rid of it properly. And for more on this big decision, check out thestreet.com.