POSTED BY September 14, 2012 6:52 am COMMENTS (4)ON
I am retired and presently living with my son in USA for 6-7 months the balance I spend in Gurgaon,India to try and sell property and sort some pension matters.
My querry is long hence I shall state in simple terms.
I have an investment of $26600.00 ( Invested 30000.00 in 2007 dec in an income fund which gived $130.00 per month but otherwise loosing value).
I have about $15000.00 in checking account.
I get a rent of $1100.0/month from a condo.
My inescapable liabilitiesare as follows:
a. Condo Mortgage 680.00 Balance left $33000 ( 15 years @ 4.375%)
b Condo Fee 250.00
c.Condo Maint fee 60.00 Hired a company to help with repairs
d. Two car Insurance 150.00
e.Student Loan Plus 150.00 co-signed for my son, ($14000 left)
h. Vonage 50.00 For calls to India and UK
Total $ 1540.00
The above list not include car gas, food, clothes and entertainment as all that is taken care by my son.
My problem is that against an income (rent+ income fund of $1100+130) I am spending an extra $280.00 from my reserves.
The investment of $30000.00 is reduced to $26600.00 although I have earned $7150.00 over the past 55 months.
I am keen to pay off my mortgage of 33000.00 with funds from Income fund and bank account (26600+6400).
This will release $680.00 to me for day to day pocket expanses in addition to $280.00.
Kindly advise if I should pay off mortgage or not .My social security will start from Dec onwards for $1100.00.
Thanks in advance.