My retired parents live in Maryland and are 72 and 67 years old. Father is disabled. They live in a single family home with 22 years remaining on their mortage. They also have a second home that they rent out. They are in a position where they can pay off their mortage with enough of a cushion for emergency funds. At this point they are not sure how long they will stay in the home as it is rather large for just the two of them. All that said, I'm wondering what some of the pros and cons are for them paying off the mortgage. The obvious pro is avoiding future interest which is in the six figures. What are some of the cons as far as equity taxes (if they sell and move), etc.? TIA!