Ask Terry Questions Home mortgage — pay off?

Home mortgage — pay off?

By Terry Savage on July 26, 2013 | Housing / Real Estate

I am retired and my wife is still working we have a small home mortgage ($76000) my interest rate is only 2.5% I just refinanced last year for 15 years and I pay it with my VA disability. I have savings that could pay off the mortgage. Is it better to pay it off or continue with it.

SAVAGE SAYS: You have a great rate, and I see no reason to pay off the loan if you can afford the monthly payments. Leaving the rest of the cash in the bank gives you flexibility for emergencies.

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