Ask Terry Questions Invest or pay toward mortgage

Invest or pay toward mortgage

By Terry Savage on April 17, 2018 | Financial Planning / Retirement

Terry you helped us before with Irs trying to collect 13,000 on our home equity payment. We won thanks for your help -anyway we are doing good now. So now we have 50,000 to invest or pay toward out morage(we owe 120,00 at 3.25 rate VA) which move would be better? Thank Much Jim

Terry Says

OK, this is  a question I can't answer out of context -- without knowing how old you are, how close to retirement, what other money you have saved/invested for retirement.  A low ;3.25 percent mortgage rate is a good deal as rates rise.  But you might not want to put all of your new-found money into the stock market at this point, depending on your risk tolerance and time horizon.  There's nothing wrong with having some money in secure savings for emergencies.  If you want to write back with details, I'll try to provide a better answer.

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