selling one of my two annuities and paying my mortgage off completely. He explained that it was not a good idea, because then I would permanently lose the income from that annuity, once I started collecting on it, which was about five years ago now. I'm so glad I listened to him. My annuity amount is almost exactly what my mortgage is. And it will continue so long as I live, long past when the mortgage is paid off, I hope. And if I die sooner, my heirs will get the annuity, or whatever the value is when I pass.
I took a 30 year mortgage at age 60. I'm 73 now. For about two or so years I've been able to send an extra $300 a month, and it will be paid off around 7 years early. I haven't double checked the time line lately. Back when I bought my place, there was simply no way to afford a 15 year mortgage, but I could afford the payment on a 30 year one.
My advice would be not to take excess money out of your IRA. You may need that money down the road. However, if you do go ahead with that plan, do keep in mind that you only pay the higher taxes on the actual money that puts you into that bracket. It doesn't reach back to the earlier money.
Anyway, I'm sure you'll end up making a decision you feel good about.
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