Trying to make a long story short, but not sure I'll be successful...
Dad's just been admitted to a nursing home. His property was in a revocable trust, which we moved to irrevocable to save it from medical bills and possible medicaid recovery. He was allowed (against any sane person's better judgement!!) to take out a loan with a certain bank (which I will never have dealings with after this mess is cleared up, especially after the hassle of dealing with them as dad's POA as his capacity diminished) with the property as collateral a few years ago, when he was clearly declining.
Anyway, we want to pay off the remaining amount of the loan, about $80,000. I went through a huge hassle trying to get ahold of someone at said bank - took weeks and tons of non-answered phone calls and emails, since the local bank (dad's bank) that I've been dealing with is closed due to the coronavirus situation. Thank goodness I was added to the loan (as of last year) as his POA, or they wouldn't let me do it (seems to me they'd rather have their money no matter who gave it to them - so weird!)
My question is...with the economy the way it is, should we pay it off? Or should we keep paying it off monthly (around $900/month) so we have that large chunk of cash in the bank in case we need it?
Our inclination is to pay it off, just to get it over with. It's a large chunk of money for us, but we have enough in savings to do it and (hopefully, because everything is so strange economically that who knows what till happen!) should have enough to make it during our retirement if we do pay it off.
I'd sure appreciate everyone's thoughts and opinions about this...
Dad's just been admitted to a nursing home. His property was in a revocable trust, which we moved to irrevocable to save it from medical bills and possible medicaid recovery. He was allowed (against any sane person's better judgement!!) to take out a loan with a certain bank (which I will never have dealings with after this mess is cleared up, especially after the hassle of dealing with them as dad's POA as his capacity diminished) with the property as collateral a few years ago, when he was clearly declining.
Anyway, we want to pay off the remaining amount of the loan, about $80,000. I went through a huge hassle trying to get ahold of someone at said bank - took weeks and tons of non-answered phone calls and emails, since the local bank (dad's bank) that I've been dealing with is closed due to the coronavirus situation. Thank goodness I was added to the loan (as of last year) as his POA, or they wouldn't let me do it (seems to me they'd rather have their money no matter who gave it to them - so weird!)
My question is...with the economy the way it is, should we pay it off? Or should we keep paying it off monthly (around $900/month) so we have that large chunk of cash in the bank in case we need it?
Our inclination is to pay it off, just to get it over with. It's a large chunk of money for us, but we have enough in savings to do it and (hopefully, because everything is so strange economically that who knows what till happen!) should have enough to make it during our retirement if we do pay it off.
I'd sure appreciate everyone's thoughts and opinions about this...