A mortgage is like a big loan that people take out to buy a house. It is usually the biggest amount of money that people owe. It can be a lot of money to pay back, but most people finish paying it off in about 30 years.

If you get a mortgage earlier, you might finish paying for your house before you stop working. And if you pay more money each month or choose a shorter loan term, you could finish paying off your house even faster.

But even though it's usually a good idea to pay off debt quickly, some people say it might be better to take your time. Let's look at the good and bad sides of both options, and find out when most people finish paying off their mortgage.

How most people pay for their homes.

It's hard to say exactly how most people pay off their home loans because everyone's situation is different. But we can look at information from sources like the U.S. Census Bureau to get an idea of how average Americans handle their mortgage payments.

Fewer young people own their homes fully compared to older people because older people have had more time to make payments on their homes.

Most older people have finished paying for their houses by the time they are in their early 60s.

Every person is different, so it's important to remember that the advice given may not apply to you specifically. It's best to follow a financial plan that is made just for you and your goals.

O'Leary believes it's important to pay off your mortgage.

Kevin O'Leary is known for giving clear advice on how to save and invest money. He is also straightforward about how to pay off your mortgage.

To O'Leary, owing money is always bad, even if it's for something like a house. He thinks it's best to pay off your mortgage by the time you're 45, because by then, most people are halfway through their working life.

When you're 45 years old, you're more than halfway through life's game. You should try to pay off any money you owe by then, because the time left is for saving and making money.

Under O'Leary's plan, once you have paid off all your debts by the time you are 45 years old, you can start using the money that you used to spend on paying off your debts to start investing more in things like buying a house.