debt

Do we pay off our morgage or keep the cash?

We have paid off all of our debt except for the remainder of our mortgage. I am 55 years old, healthy, and own my own small business. My wife has a full time job. We have two kids 14 and 11. We have $200,000 in a money market and owe 140,000 on our home. We have about 25 years left on a conventional morgage at 6%. Do we use the cash to pay off the house so that we are totally debt free? Thank you.

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2 Answers

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want2bdebtfree Answered:

Wow, what an accomplishment. Google Dave Ramsey's baby steps. It is 7 steps to make sure you have everything in place before you pay off your mortgage. Do you have retirement 401K or College funds? He says to do those first, if so, pay off that Mortgage asap and stock away all the would be mortgage money and enjoy life!!

Posted 3 years ago

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Douglas Answered:

Hey Buddy,

I would suggest you to wait for sometime. The economy is not that great right now. I really dont think paying off mortgage is better.

If I was you, I would have bought a new home at depreciated value. It is a risk but worth taking. When the economy recovers, I will definitely earn a lot of money. :) Maybe good enough to pay off the mortgage on MY home.

Posted 3 years ago

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