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Wondering what income you'll need to buy a median-priced home? See our latest metropolitan area home affordability analysis

Wondering what income you'll need to buy a median-priced home? See our latest metropolitan area home affordability analysis

Elderly: Should we pay off our mortgage?

Q: We have chance to pay off $56,000 mortgage.  Should we do this?  We are in our 80's living on annuities and Social Security.

A: You'll want to check with your investment and tax advisors before you consider locking up available money into your home. While you might save interest cost, you may have a difficult or costly process getting access to that money should you need it. If you are managing your finances comfortably at the moment there is probably no compelling reason to change the structure of your debts and assets.

Ask the expert
Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
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APR is perhaps the most misunderstood part of mortgage finance. "Rate", or more properly "contract interest rate" is the actual rate of interest you are being charged...

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