Paying off our mortage from IRA
My wife and i are 73 years old and owe about $97,000 on our mortgage. Would it be wise to take the money out of my 401 k and pay off the house? We have about $500,000 in our IRA thank you
Terry Says
No, don’t do that! BUT, if your interest rate is higher than 4% do see if your retirement income stream will allow you to refinance your mort6gage to a much lower rate and payment. I suggest contacting Leslie Struthers at Guaranteed Rate (Leslie@rate.com). She’s my expert on this topic!
