Mortgage payoff?
Hi Terry,
My mother recently passed away and I received a lump sum of money. I am looking for advice on what to do with the money. My husband and I are both 52 years old we have no debit other than our mortgage (130K) I would like to pay off the house, but my husband does not agree.
Currently (with the money from my mom we have 280K in savings, so we could pay off the house and still invest a decent amount of money)
Can you please share your thoughts.
thank you and Happy New Year!
Terry Says
Gosh, that’s like asking a doctor to prescribe but only giving your temperature and no other “symptoms.” I need to know a lot more about your lifestyle, earnings, retirement plans, college needs for any children, etc — before even hazarding a direction for you.
So I’ll give you a better idea. This is the perfect time for financial planning. Go to www.Wealthramp.com to find a FEE-ONLY FIDUCIARY planner you can trust. You’ll be matched with one or two carefully vetted planners who will put your interests first.
And now, I’ll give you my out of the blue thoughts in general: I agree with you. Pay off your mortgage.
But that assumes you each has a retirement plan and has made contributions — at this age you can put $7,000 into an after-tax Roth IRA each to grow tax-free for your future.
But do make an overall financial plan, using a fiduciary (non-sales) professional This is a golden opportunity.
