My brother and I were thinking of pay off our moms debt. We are both mid 20’s and make pretty good money.
She went to college in her lay 40s and never finished a degree. The debt is only around $5,200.
She is now retired and lives in Mexico and is about to start receiving social security. She just turned 62 and worked in the U.S. since I have been alive.
I don’t know the interest rate yet, which I am going to find out. I was just going to give her $1k to help out with whatever expenses she may need in Mexico. She has a house there paid for so no mortgage and car is paid for, she did save some before retiring too.
Then I remembered her talking about a college loan and figured it might be best for us to pay it off so she doesn’t spend the money on something she doesn’t really need.
My wife thinks we should just let the debt go and pass with her. I believe my mom said the payment was only about $15-19 a month, which isn’t too bad.
Just want to hear some other opinions. Is it worth pay off a loan if the payment is that low and she is already 62 years old? Maybe money to her might be better to help around the house?
Also going to have to do a sit down with her and figure out what’s going to happen when she gets older. Brother and I both live busy lives. Our dad already passed away and she is getting older.
Her mother lived on her own until she passed away. May have to see how much is saving or make her start and figure out a plan. Not looking forward to the conversation but it’s a must.
Submitted November 11, 2017 at 10:08AM by CooleyRain http://ift.tt/2iQezFE
