Financial situation
Terry, I am70 Y/O and retired Firefighter. I have a home mortgage of $16,500.00 remaining at 3.25%. I am interested in purchasing a new vehicle for my wife. Selling the house and moving is right around the corner.
My question is: Should I pay off the home to improve my cash flow or continue paying on it to its conclusion (end date Nov. 2025)?
Thank you
Terry Says
Keep paying your mortgage. The car can wait. And I think you might want to have one meeting with a fee-only fiduciary financial planner before you decide to sell your house. You need to make a retirement income plan that is realistic before you make big decisions like this.
Find a fiduciary fee-only planner at www.Wealthramp.com.
