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svsuzanne · Joined: 26 Aug 2008 Posts: 1 1.48 Dollars($)

My wife and I are retired. We owe about $103,000 on our house. We have about $280,000 in our portfolio which is mostly IRA. Should we pay off our home?

laphillips · Posted: Tue Aug 26, 2008 9:39 am Post subject: pay off

Hello svsuzanne,

I'm not a tax or financial advisor but I do have a question. Instead of decreasing your portfolio isn't it possible you might want that money at some point especially considering todays economy?

Have you considered looking into a reverse mortgage for your home? You could stay in it, have no payments & increase your personal security. For more information on reverse mortgages visit the HUD website at http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm
The site will even refer you to other links & phone numbers for more information. There are many misconceptions concerning reverse mortgages - here you can find answers not rumors.

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