Schell asked:


My wife and I (filing jointly) have a home mortgage with about a $140,000 balance. Since my father died in October, we’ve been covering the mortgage payments on his home, which we are trying to sell, though the market is soft now. Dad’s home mortgage is about $185,000, and the interest portion of the monthly payment is about $1,000 compared to $800 for our home mortgage. The liquid portion of Dad’s inheritance is enough to pay off one, but not both, of the mortgages. Which should we pay off first?

Lawrence

Knulp asked:


My Dad is 63 and worried that he will not be allowed to get a home loan over/for a period of 30 years because of his age. He is in stable employment as a permanent employee but has been in this position for less than two years. The land he wants to buy is $80,000 (in Australian dollars). Is there any way that he could get a loan, and how do you think he should go about doing it? Any help at all would be sincerely appreciated.

Angela

Krissa L asked:


Lets say you have $5000 coming in per month, how much is a safe amount to spend on a mortgage, while still saving some for car payments, other loans, insurance, groceries, emergencies, etc? My dad said a 1/4 of your net income is a good idea per month to spend on your home payments…agree? disagree?

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