Pay off residential or rental property. - Posted by MelB
Posted by MelB on July 31, 2007 at 09:04:16:
I’m actually posting on behalf of my cousin. She recently lost her husband & will be receiving a decent some of money. She currently has a rental property & her current home (i.e. her primary residence). Prior to her husband’s death, her rental home was on the market for sale. (The taxes were increasing.) After her husband passed away, she planned to continue with her plans to sell her rental (which has been on the market for some time due to the slow market in that area) & just pay off her primary residence. However, now she is considering keeping the rental property, paying it off & just continue to pay her montly mortgage on her primary home as opposed to paying off the mortgage on that home.
I told her that she should probably speak to a financial advisor, but I figured I’d ask here, too.