Should I pay off my mortgage?
I came into an inheritance from my dad’s passing. Should I pay off my mortgage? Is there anyway that my husband and II came into an inheritance from my dad‘s passing. Should I pay off my mortgage? Is there anyway that my husband and I can have a financial meeting with you? thank you
Terry Says
OK, let me just give you a few comments. I can’t advise on paying off your mortgage, unless I know your true financial situation. And your mortgage rate! (For sure if it is 4% or less, don’t pay off the mortgage!) And if you have high rate credit card debt, it would be wise to pay that down first.
BUT here is something you didn’t ask — and please don’t be offended if I mention it. Your inheritance is YOUR money — UNTIL you commingle it with your spouse, perhaps by paying down the mortgage. If there is ANY chance that divorce could be in your future down the road, you’ll want to keep your inheritance totally separate. Just something to think about! In that case, you’d want to open a money market deposit account in your name only, and just keep it safe, earning a low rate of interest.
Again, these are just thoughts since I don’t have any more information. But if you’re planning to stick together and this amount is transformative, I do suggest you get independent financial planning from someone you can trust. And this is the only way I know to be sure of that — please watch the new video at this link: https://www.terrysavage.com/pam-krueger-wealthramp/
I don’t have individual clients.
