Ask Terry Questions Two houses, little cash!

Two houses, little cash!

By Terry Savage on August 17, 2018 | Housing / Real Estate

I am retired and currently have 2 mortgages that I pay for. I do have a savings that would allow me to pay off one of the mortgages but that would leave me with very little in the bank. Any suggestions would be greatly appreciated thank you!

Terry Says

It’s hard to give you an answer without a better idea of the big picture. My first thought is that if you’re living so close to the edge, you should sell one property and pay off the mortgage on the other — and put any remaining money in the bank. With such a thin margin and being retired, you’re in a very vulnerable spot maintaining both homes!



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