Mortgage payoff or keep paying
We have a mortgage of about 95k left. We are 57yrs old. The rate is 6.75%. I have an inheritance of 150k cash and two inherited IRA annuities worth 160k that have to be converted in 10 years. Should we pay down the mortgage all or some?
Terry Says
A lot depends on your other financial needs, and how much money you have saved for retirement. Maybe use a portion of this money to buy Long Term Care Insurance? It’s hard for me to recommend, not knowing your entire financial situation. You might consider just one session with a fee only FIDUCIARY financial advisor who is not trying to sell you anything. (For example, WHY IRA annuities?? Who sold you those??) It looks like you could use some trusted help. Watch the video here: https://www.terrysavage.com/pam-krueger-wealthramp/
Off the top of my head, I’d say yes pay down that mortgage, because you can’t safely earn that much in CDs. But first pay down any other more expensive debt. k
