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Asked 5/7/2008
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Should I pay off my mortgage? I am a 57 yr old widow with a mortgage balance of $50,000. My monthly payment including taxes & insurance is $527 which $362 is principal/interest. It is a 30 yr loan with 25 yrs remaining at 5.875% interest. I have no other debt and I earn $25,000 a year. I have received an inheritance that could pay off my mortgage. I now have $127,000 in 401K. Would I be better off investing the $50,000 for my retirement or pay off my mortgage? Thank you. |
Answer 1/1 - Submitted 5/8/2008
Pay off you house , thats a saleable retirement and , with todays money market accounts a 401 k is to steady , and a home will last forever , and only go up in the future , this is not a good time to buy , but a good time to pay off that home , and let it set for a few years and the value will only raise, and why pay some one else for the use of there money , it is costing you a bunch to use their money , and you will be safer in the long run , if some thing happens to your health, and then you can always sell your home to pay off debts, and rent a place,
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