Posted on: 21st Jul, 2009 10:39 am
we received some inheritance money and would like to pay off our second mortgage in full. we are going to be selling our house in the next year (or maybe sooner), and want to know how this may affect our the selling price or our taxes in 2010. we have been in our home for 15 years. my husband is nervous about what the tax implications may be if we pay off this second mortgage now, or wait to pay it off when we sell our house.
paying it off now will save you interest costs. i see no benefit to waiting, nor do i see it being detrimental.
it is always benefitial to pay any mortgage as fast as possible. no second thought about it.
