Sell or stay
Should I pay off 40K condo mortgage and stay. We could each take money from each of our savings and have about 50K each.My disabled sister lives with me and our combined income is about 66K. We are both 74 yr old. An apartment close to family would be about 1750/mo.
Terry Says
Well, that’s a big decision, and more than financial considerations are involved. First, what is the interest rate on your mortgage? I’m guessing you won’t qualify for a refinance, so if the rate is above 5% it might make sense to pay down the balance. But are you sure you’re going to stay there for a long time? Have you looked into other alternatives, such as senior living? Your sister, who is disabled, might qualify for quite a subsidy.
I hesitate to make a recommendation until you write back privately by email to Terry@TerrySavage.com with more details of your situation.
