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Paying Down Mortgage v. Investing


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So after more than half a life of not saving or investing, I find myself in my 50s, in Chapter 13 and looking towards the future. I have NOTHING set aside for retirement unless you want to consider around 2k worth of stocks that are steadily losing value my home the latter of which is my best chance for investing.

The interest rate on the house is 5%. I missed out on refi opportunities because of litigation with mortgage company and horrible credit. I read that by the time I get out of bk, then the interest rates might be well above 5%.

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I feel you! It can be challenging to start saving and investing later in life. However, it's never too late to start planning for your future. Your home may be one of your most valuable assets. If you have equity in it, you may be able to use it as a source of retirement income through a reverse mortgage. This mortgage allows owners to borrow against the equity in their home while continuing to live in it. The loan doesn't have to be repaid until the last borrower leaves the home. Yet, there are some significant downsides, such as high fees. Besides, they can reduce the equity in your home. This is why it's important to consult a financial advisor before making a decision.

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