I was talking to my dad about his finances and his retirement plan when he mentioned he still has about another 30 years left on their mortgage. At first I thought he was confused and thought he had 30 years left because that was the total length of the loan. I told him there was no way he had 30 years left because they have been living in the same house for almost 20 years. I then had him login me into his mortgage account and sure enough he somehow has a 52 year mortgage with 30 years left. My question is should I have him pay as much as he possibly can to pay it off quickly or should I continue to let him make the minimum payment? He has no other debt besides the mortgage. His reasoning for only making the minimum payments is that it's a 3% loan and that money is better off earning interest somewhere else. He will be 87 by the time he pays off the house if he continues to make the minimum payments.
Found it here/for the Twitterinos:
I am once again begging Redditors to stop posting Ls:
For some reason this becomes a /r/childfree struggle session:
Folks can't figure out if this is good or not? Idk didnt read:
OP is getting mogged by his dad and its worse when Redditors are saying it:
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Bro if you have a 38k balance on your house just pay it off I don't care what the interest rate is, just the satisfaction of "I own this free and clear" is worth 40k any day of the week
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Goy mentality.
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This is the kind of mentality that keeps mayo's in check. News flash WASP, you don't own anything, you will pay the government tax on everything you own for the rest of eternity. This is why Jews have been exterminated, persecuted, segregated, and evicted by every other people since the beginning of time, and they are still around and more successful then the people who owned 25% of the world, i.e.
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This is a refi and his property taxes and home insurance are baked into that payment. There's no reason to pay it off until you're about to die.
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