Should I payoff my home equity loan?
My Mother passed and left me some money. Should I take the money and payoff my home equity loan or invest the money?
Terry Says
It’s difficult to give that kind of advice in a vacuum. I would need to know how old you are? Do you have other retirement funds? Do you have credit card debt?
My inclination would be to pay off the home equity loan — and hope you have some left over, which you should put in the bank.
But if you have a low rate home equity loan, then pay off any higher rate debt first. And during these uncertain times it can’t hurt to have some cash in savings, in case of emergency.
