What’s The Best Way To Do With Your Inheritance?
A couple who is nearing retirement wants to know the right thing to do with their present financial situation. The husband inherited $225,000 from his father and they are both wondering what to do with the money. Should they invest it or pay off their mortgages? These individuals earn from teaching in a university and both are earning well. The expert suggests that they should use the inheritance to pay off their home mortgages and line of credit. Then they can borrow a new and separate line of credit to be invested. This will make the interest on the loan tax deductible.
Excerpt:
“Rather than investing the money directly, however, Mr. Small recommends they use the inheritance to pay down debts (the home mortgage plus line of credit), then borrow on a new and separate line of credit to invest, thus making the interest on the loan tax deductible.”
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