I owe 99,000 and I am 60yrs old. I owe 45,000 on my house at 5.12% fixed 700.00/m. I owe 54,000 on a second mortgage at a varibale rate of 3% the mim. payment is around 230.00 m. I have 53,000 in a ESOP account that I will get in June of this yr. My question is How do I get out of debt in 5 yrs so I can maybe retire when I am 66?
Do I use the money to pay off the 2nd mortgage and then use the 230 and add it to my 700.00 house payment and pay it off in 5yrs?
Or do I pay the home mortgage off first and then pay the 2nd mortgage with the variable rate next with the risk of the rate going up?
My current income is now down to 50K and I will never be able to get out debt unless I use the ESOP money.
HELP and Thank You
Do I use the money to pay off the 2nd mortgage and then use the 230 and add it to my 700.00 house payment and pay it off in 5yrs?
Or do I pay the home mortgage off first and then pay the 2nd mortgage with the variable rate next with the risk of the rate going up?
My current income is now down to 50K and I will never be able to get out debt unless I use the ESOP money.
HELP and Thank You
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