Paying off mortgage
My husband & I are both working full time and are also collecting social security. We have a $250,000 mortgage and are currently doubling the monthly payment. I would like to know if we should use our $4000 in social security money to add to our current principal of $1700 to pay off the mortgage in 3 years? We have no credit card debt or car loans. We would like to be mortgage free when we retire in 3 years.
Terry Says
Sorry for the delay in responding. I know it’s a great feeling to be debt free at retirement — especially mortgage debt free! Just make sure you have some cash in a money market account for retirement. Once you stop getting a monthly check, unexpected bills have a way of coming in fast and furious. So you need a “cash cushion” — and once retired it won’t be so easy to borrow from your home equity.
