I'm 60 years old and am considering taking a big chunk of an old 401(k) to pay off my mortgage - is this silly or brilliant?

"Heading into retirement with a mortgage is becoming increasingly common for many Americans, as trends show that more seniors are not entering retirement debt-free."

"The situation highlights a growing concern: seniors are often trapped in 'house poor, cash rich' scenarios, where they own significant assets, but lack liquid cash for expenses."

"Although tapping into a 401(k) to pay off a mortgage might seem attractive, the associated tax implications can present significant financial pitfalls that merit careful consideration."

Read at 24/7 Wall St.