Rate this stupid financial question from a dumb goy
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Date: June 18th, 2017 11:13 PM Author: Medicated stag film keepsake machete
"Q: I recently retired to a small house I bought 30 years ago. I refinanced four times to get the rate down from 11 percent to 3.5% percent. This provided me with a low monthly mortgage (just under $450), but my current 30-year loan won't be paid off until I'm 92. I'll be 67 in two months, and just received an inheritance of $400,000 following the death of my parents. My only income is $2,000 a month from Social Security and a monthly pension check of $1,100, although I do have an IRA that should be worth roughly $170,000 by July.
I'm thinking about paying off the $90,000 remaining on my mortgage, which would allow it to be passed on to my sister, nephew (or whomever) without any complicated bank or loan issues. It also would free up that mortgage payment for other household expenses. The house needs some work, such as a new carport, double-pane windows, proper insulation, deck repair and maybe termite work, all of which will probably eat up the better part of $100,000. Is it worth keeping the loan just to maintain the tax deduction or does it makes financial sense to pay it off?"
(http://www.autoadmit.com/thread.php?thread_id=3651700&forum_id=2#33590495)
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Date: June 18th, 2017 11:14 PM Author: Wild philosopher-king
tldrtlag
(too long, didnt read to laugh at goy)
(http://www.autoadmit.com/thread.php?thread_id=3651700&forum_id=2#33590499) |
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