Mrcauser’s Weblog

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No…….

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Don’t pay off your house. Instead wait until you are desperate and then lose your house. After all this is what got millions of people in trouble in the near past. Jesus where do these idiots come from? I wonder how many people are sitting on the curb wondering what it would be like not to have a house payment?

Hey, it feels awesome!

Use savings in CDs to pay off house?

Dear Debt Adviser,
My question is whether or not to pay off my house. It would wipe out my CDs. I have an emergency fund of $2,000. Is this a good idea? I live fine on my Social Security income.
— Sharon

AnswerDear Sharon,
My take is that if your Social Security income allows you to live comfortably while making your mortgage payment, my answer to your question is, no, don’t pay off your house. You don’t say why you want to, but I would recommend keeping your savings in certificates of deposit, or CDs, intact rather than using them to pay off your mortgage early. I have found that life has a way of sending us the unexpected — some good and some bad — as we get older. Using all your CDs would leave you vulnerable if your $2,000 emergency fund were all you had to fall back on. The money you have saved may help you better manage any unanticipated expenses or opportunities that might be headed your way.

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Written by mrcauser

August 31, 2010 at 3:56 pm

Posted in Uncategorized

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