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Rate this stupid financial question from a dumb goy
| Ultramarine Stirring Affirmative Action | 06/18/17 |
| vigorous tanning salon | 06/18/17 |
| ungodly cobalt theatre | 06/18/17 |
| Ultramarine Stirring Affirmative Action | 06/18/17 |
| motley circlehead | 06/18/17 |
| Jet friendly grandma | 06/18/17 |
| motley circlehead | 06/18/17 |
| domesticated dysfunction | 06/18/17 |
| fragrant rigpig roommate | 06/18/17 |
Poast new message in this thread
Date: June 18th, 2017 11:13 PM Author: Ultramarine Stirring Affirmative Action "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?"
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Date: June 18th, 2017 11:14 PM Author: vigorous tanning salon tldrtlag
(too long, didnt read to laugh at goy) |
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Date: June 18th, 2017 11:14 PM Author: ungodly cobalt theatre (http://www.autoadmit.com/thread.php?thread_id=3651700&forum_id=2#33590502) |
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Date: June 18th, 2017 11:15 PM Author: Ultramarine Stirring Affirmative Action Bought a house at 36 and kept refininancing so it won't be paid off until age 92 (http://www.autoadmit.com/thread.php?thread_id=3651700&forum_id=2#33590511) |
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Date: June 18th, 2017 11:16 PM Author: motley circlehead only an idiot would pay off a 3.5% mortgage faster than he has to. (http://www.autoadmit.com/thread.php?thread_id=3651700&forum_id=2#33590518) |
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Date: June 18th, 2017 11:19 PM Author: Jet friendly grandma (Not TCTP) (http://www.autoadmit.com/thread.php?thread_id=3651700&forum_id=2#33590542) |
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Date: June 18th, 2017 11:20 PM Author: motley circlehead don't know the backstory here, but i assume this means i'm not an idiot. (http://www.autoadmit.com/thread.php?thread_id=3651700&forum_id=2#33590546) |
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Date: June 18th, 2017 11:30 PM Author: domesticated dysfunction No concept of forward time planning (http://www.autoadmit.com/thread.php?thread_id=3651700&forum_id=2#33590601) |
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Date: June 18th, 2017 11:40 PM Author: fragrant rigpig roommate where'd you get this from? (http://www.autoadmit.com/thread.php?thread_id=3651700&forum_id=2#33590650) |