AgentNews Brief

Seniors: Avoid lump-sum mortgage payoff

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

DEAR BENNY: I am 74 and recently have been contemplating paying off my condo mortgage. The remainder of the mortgage is $98,000 at 6 percent. Can you help me through this? On the surface it seems like a good idea, but I'm not aware of all the particulars. I am in good health and will not need the $98,000 in the near future. --Dee Dee DEAR DEE DEE: I am happy to hear that you are in good health today. But can you guarantee that you will still be as healthy next year, or two or three years from now? What's your reason for wanting to pay off your mortgage and own your condo "free and clear"? I know you will respond and tell me that you are currently getting less than 1 percent interest on the moneys you have in the bank, so why not pay off that 6 percent loan? And I suspect you will also tell me that you have no real income so you cannot take advantage of any mortgage interest deductions. All this is valuable information. But over the years, I have represented too ma...