Pay off mortgage?
Hello, I’m 79, on Soc Sec with $300,000 in stocks and IRA, $118,000 in my bank accounts.
I owe $60,000 on my condo mortgage. I have a $450/ month HOA EXPENSE. I do some freelance art to help cover my bills. Should I pay off my mortgage? Thank you
Terry Says
You didn’t give me the most important fact, which is your mortgage RATE! But unless it is over 6%, it doesn’t make sense to pay it off and lose all your liquidity. If you do want to pay it down, I’d suggest taking the money out of your stock market exposure. That may involve taking gains, which could increase your income — and might impact your Medicare Part B and D premiums, so be sure to consider that.
