December 30, 2007
Posted by formyselfmond
Awaiting an auto accident award of $150,000.00 in 2008. Don't know if I should P/O my mortgage, pay it down or invest money awarded.
Haven't worked for 1 1/2 yrs due to auto accident.Diagnosed with Fibromyagia, herniated discs, five pinched nerves, bad back, torn Labrum in right shoulder that needs surgery, etc. Don't know when/if I'll ever return to work.
Mtg bal $110,000.00.
Receiving $1,170.00 per month from Soc Sec Disablity. I hope to work again part time bringing in another $900.00 monthly. Without a mortgage, I should be able to live off of this.
In addition, I have $29,000.00 in savings. I'm using this money to live off of. Also have 401K from a prior employer (2 times back) for $1,100.00 which I haven't touched for lack of knowing what to do with it.
I have NO debt except my mortgage. Total monthly mortgage pymt. is $1,050.00 (A little more than half is P&I; other part taxes and HO ins.) 30 yr. fixed @ 6.50%. Very good - excellent credit history. 2006 PAID OFF car with 11,000 miles.
My son is only child and freshman in college. Got him much financial aid and HE will pay remainder.
Please advise! Thank you!
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