Listen up, FRiends. I need some serious help here.
DH listened to the speech, and somehow missed the “mortgage deduction deletion” part. This is leading to domestic discord.
I, “wifey”, want to take out at least half of our paltry savings, and pay the da*m thing off. My beloved thinks he is getting “tax deductions” on the interest. I say it is going to cost us more of those hard to get “greenbacks” to pay off the interest, and forget the “deduction”. (But, then there is the hyper-inflation side of the debate?)
I need some ammunition, links, etc. to support my side of the domestic debate. He will be 70 in September, has Parkinson’s, has been self -employed, but his ability to continue earning is seriously compromised by his illness and the down-turn in the economy.
Term insurance runs out, as I understand it, when he hits the big “70”, in that the premiums are no longer worth the pay-off.
Did Obama really say that the tax deduction for mortgages is over? Should I get serious about the nagging?
I am also bugging him to buy a bit of little gold, and some junk silver, just in case of Weimar-type inflation, but he is either smarter than me, or dumber than me. (When you have been married so long, it is hard to tell, right?)
I could really use some FReeper help here! I know we (the USA) are in big trouble, but don’t know how best to prepare for it. He is so stressed by his illness, and trying to keep earning a living that he doesn’t have time to read all the gloomy stuff I am reading.
I’m thinking like you about our mortgage. We have enough savings to pay it off, and I think we should.
The reason why: if the government keeps printing money at the rate it has been doing so, inflation is going to come back, big time.
Presuming you have a fixed-rate mortgage, future payments will be with cheaper dollars. Don't dip into your savings and lock up money in your house -- it's a lot harder to get it back out.
It isn’t all mortgage deductions — unless he changed the plan recently, but over a certain $ amount deductions — in other words the rich will be hit, doesn’t sound like you will be affected. I do, however, concur if you qualify (don’t owe more than the allowed amount for your age on your current home and live in an area that isn’t considered rural - where the allowed amount is much lower) check into a reverse mortgage.