Pay Off Mortgage Or Keep Cash?

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Comments

1. She's not in a bad position. She has savings and money coming in. Why are people upset the way he handled it. I wouldn't mind being stuck in that position. Dave will keep it real with you no matter who you are. He's not there to babysit us and feed us milk.
2. If they have a $52k salary from pensions and social security benefits, I'd say use their $75k to pay off the mortgage and then just live on the pension. They can always sell the condo later to downgrade if they need cash. But on $52k a year, they should have enough to tuck some cash away for emergency.
3. Insensitive, ...,....coming from a so called expert and Christian man!!!!! You owe this lady some advice, and apology!!!!!!..Retirees, don't all become millionaires , YOUR THE MONEY EXPERT....PEOPLE CALL FOR HELP.....she got better advice in the comment section!!!!!!! !
4. Why didn't Dave recommend a Reverse Mortgage? It would give them more cash, lower monthly payments, improve cash flow and no recourse on the loan. What happens if they pay off the off the house and then it depreciates? Where does their cash go, then? Poof into thin air!
5. I found Dave's answer very insensitive and unhelpful. He could have suggested some options to boost their income, perhaps find a different mortgage rate, etc.
   Perhaps this couple will live to their 90"s? Very rude and unhelpful advise to just say your stuck!
   There is always options unless your 6' underground.
6. Where is betting mentioned on this page? If you are referring to matched betting I would ask that you please read the guide first before making judgement. There is absolutely no risk meaning it’s technically not betting.
7. They're in pretty good shape. 50 large a year and in a retirement community with amenities. Relax and enjoy your community granny.
8. She is got it made...71yld???? and trying to pay off a mortgage, wow... go enjoy your older years with your husband Mam..
9. atleast he told it like it is. not beating around the problem. your stuck. that's that.
10. She could pay one additional payment per year and have it paid off when she is 85 or so which is pretty realistic, she won't miss the $380 and if her husband dies, she can live on less and pay off even more. Two pensions plus social security is more than the vast majority of retirees live on.
11. DI K}
12. She's already 71? How much longer does she expect to keep working?
13. Absolutely idiotic.  If shes gonna continue to get $52k/yr then just pay down the mortgage with the savings...continue to pay the $200 HOA and then save/spend the rest every month.  Very easy remaining life to live.
14. They are in a fine position, enjoy life is what I would of said to them :)
15. Wow Dave was so rude, judgemental and unhelpful here not cool
16. Disappointed with the insensitive way this call was answered!
17. Even someone in their 70's could live another 30 years. And potentially pay off a mortgage. Usually I think Dave gives great advice, but I wouldn't tell someone like this they are stuck.
18. Facepalm
19. "I think you're stuck". Ok, thanks for the advice.