Pay Off Mortgage or Invest?

Listener told me a funny story the other day.

He had bought one of those fancy new exercise bikes and for him. It was without a doubt a very special tool to help them get healthier. The problem was three days went by and then for and he'd yet to use the bike and then on night five. He sitting at the kitchen table and he looks down at himself, and he couldn't help but just laughed because there he was wearing the exercise T-shirt that came with the bike and he was eating to corndogs. Hi, it's Doug Hastings with Moody radio and I think we'd all agree having a special tool only matters if we use it to our benefit and I love you guys to learn about my friends at United faith mortgage a very unique faith focused mortgage team with an advantageous tool just for you to see United faith mortgage is an arm of a bigger company who is a direct lender, which means they get to use their own money and make their own decisions is no middleman and often this advantage allows them to get you a better rate on your refinance or your new home purchase can save you monthly and lifelong money. So I encourage you check them out. United faith mortgage United faith mortgage is a DBA of United mortgage Corp. 25 Millville Park Rd., Melville, NY. Licensed mortgage banker for licensing information, go to an MLS consumer access.org corporate MLS number 1330. Equal housing lender not licensed in Alaska, Hawaii, Georgia, Massachusetts, North Dakota, South Dakota and Utah. And let's say you cover this cash. Maybe you get a raise or an inheritance. Now you have to make a decision. Use it to pay down your mortgage or invest fibroblast it's another one of those questions we get a lot of usually folks are already leaning toward investing thinking it always gives a better return all talk about that first today that it's all your calls at 800-525-7000. That's 800-525-7000. This is moneywise live where biblical wisdom meets today's financial decision.

Alright, so here's the argument for investing the money in not paying down your mortgage over any given period of time the market will give a greater return than your mortgage interest rate and that probably seems especially true over the last dozen years with bull markets and low mortgage rates but the folks@moneygeek.com decided to put that theory to the test.

They compared mortgage rates with the S&P 500 returns over a 43 year period of the findings showed that at times paying down the mortgage actually can give you a better return than investing in the market of the span of time in the study was 1971, two, 2013. It turned out that paying down the mortgage at any given year's average interest rate gave a better return than the S&P 500 in 26 of those 43 years, or about 60% of the time of the longer period of time you make extra mortgage payments, the more likely your return will beat the market but over shorter periods with that 43 year range. The market often wins that take the last 10 years the S&P 500's average return of 14.3% is a clear winner over the average 30 year fixed mortgage rate of around 4 1/4%.

But it all depends upon which. You pick that 1997 to 2007, for example, saw the.com bubble burst in the lead up to the great recession in 10/11 of those years, you'd have been better off paying down your mortgage than investing in the market that crunching the numbers further showed that in any 10 year span paying down the mortgage beat the market. 63% of the time, but in the last few years.

Another factor has made the mortgage payoff even more attractive.

And that's the question of taxes of the tax cuts and jobs act of 2017 doubled the standard deduction. The result was that 82% of homeowners no longer itemize their deductions and therefore can't take advantage of the mortgage interest deduction that essentially made holding a mortgage more expensive and increase the attractiveness of paying it off as soon as you can.

Now you may be thinking, but aren't qualified retirement accounts tax-exempt. Shouldn't that lean things in their favor. And of course they are tax exempt a 401(k) traditional IRA and Roth IRA are all tax exempt while the money stays in the account and that definitely tips the scales more in the direction of investing in a qualified account. But those plans have contribution limits and one rather large restriction, you must make your contributions with earned income.

That means an inheritance or other found money would have to be invested in a regular brokerage account that isn't tax-advantaged in that case, the scales are tipped back toward paying down your mortgage. Of course there are other considerations that may affect your decision.

Here's a few of them.

First of all, if you don't have an adequate emergency fund.

That's where your surplus money should go first. I would say you need 3 to 6 months living expenses in liquid savings but once you have that you can worry about paying down the mortgage or investing. Also, consumer debt pretty much makes the mortgage versus investing debate a moot point if you're getting hit with 18% or more interest on your credit card balance paying that off first wins every time. The same may be true. If you have a car loan with an interest rate that's a pointer to higher than your mortgage. Put your money there first. But remember, once you pay off a car loan.

Keep making those payments to yourself into your savings account so that you won't have to borrow as much or anything for your next car. And finally there is risk tolerance to consider investing in the market is often a roller coaster ride and not necessarily the fun kind. If you can handle steep declines or your investment horizon short, say less than 510 is better that you should be in the market, paying off your mortgage early may not be as thrilling as investing in bitcoin but on the plus side, there's absolutely zero risk involved, you're guaranteed a return to the interest rate on your mortgage. So there you have it.

We hope this makes you feel better about paying off your mortgage early. If you decide to go that route because the numbers show much of the time it can give you a better return than the market and a lot of freedom to follow the bar your calls and asked 800-525-7000 800-525-7000 on Rob West.

This is moneywise live where biblical wisdom. Today's decision book about two moneywise live on Rob West thanks for joining us today will be taking your calls and questions in just a moment we have swans open. Here's the number 800-525-7000 800-525-7000 were to begin today in Miami, Florida Christian. Thank you for your call today. How can help you let everybody there.

My question is planning on purchasing a house maybe like hundred thousand dollars fixer-upper something like that. But might why I'm short on my 20% down payment right, I'm sure, about $15,000 so my question is it a hollow vehicle at that.

I'm literally paid $800 monthly payment on that. But the vehicle is a refinance.

It I would post my 20 put in and make it to my 20% for the down payment on the house. The vehicle they gave me $30,000 and money kicking $15,000 to pay it off. What would you recommend on that strike I will be able to reach my 20% down payment for a mortgage.

Yes CB refinancing your current home is that right not worry I will be refinance in my vehicle and entered. All right, now might my monthly payment will be $400 for a three-year term. But I'm getting $30,000 back and out upbeat taken it for my 50.20 percent down payment on a house okay I understand that you, your payment will change when you refinance that vehicle where losing you is where you get the 30,000 refinance it is not a refinance loan loan on under my vehicle. Okay so you own your vehicle free and clear and you would be getting a loan to essentially take cash against that with the vehicle as collateral. Yet to clock collateral and my vehicle. What 30,000 right now and I always $16,000, but that way… He invite if I get the loan with 30,000 not be able to make it for the 20% down payment and my monthly payment will be 400 is there 100 now you know I Christian I'm not a big sin of this strategy, it's just that you know you're you're taking a loan on the vehicle which you already own, which is a used vehicle is good to be in a higher interest rate, which means you're going to be paying a good bet on that loan. It sounds like you'd be upside down. If I understand correctly, but even if you're not taking cash out against a vehicle to use as a down payment on an investment property is not something I get terribly excited about if you want to refinance the vehicle because it makes sense to reduce the interest rate you know and as long as you don't extend the term, then that's okay but not to get cash out to buy an investment property. You said you were going to pay around 300,000 how much of you saved up, not 45,000 okay so that's the additional 15,000 you're looking for to get to 60,000 to be 20%. Is that right yes okay and how much surplus cash flow.

Do you have on a monthly basis that you could use to continue to save for this property. It will take about six months. In order for me to reach with my cash so I was wondering if I'll be able something before you know things not been entered.

Go or something. I got well I would actually encourage you to wait for couple reasons. Number one is I don't think the rates are headed higher. But not anytime soon. You know the Federal Reserve is said they're going to start thinking about thinking about fundraising rates in 2022. I don't think we'll see anything this year, and it could be even the second half of next year. Number two is the housing market has just been going crazy minutes red hot, especially in South Florida so I could see a cooling off of the housing market as the inventory nationally increases. I don't think were in a bubble situation, but I don't think it's sustainable at these current overpriced level. So I think you saving for six months. At the very least is going give you an opportunity to buy and probably at the same level or lower which means maybe you get a better deal because there's not so many people's chasing too few properties next fall which is going to cause prices perhaps to soften just a little bit and then you're not taking out any additional loans against your car you've saved for that 20% down payment, but I just want to make sure you've done the math on covering the cash flow of this investment property and you got the staying power bill. Assuming it's rented. But what about those seasons where it's not rented and you know your you've got a tenanted that's moved out unexpectedly and go take care of some repairs and you know you don't refill it as quickly as you did. I just want to make sure you don't put the rest of your financial life in jeopardy.

Make sure you have enough in the way of reserves to sustain that before you go into this thinking it's just gonna work out so I would push the pause button. Let's see what happens in the real estate market. Revisit this in six months with your down payment and don't borrow a dime more against that car. That's my best advice today and I appreciate your call very much. Let's go to Dallas, Texas Sue, thank you for your call I can help you in saving you soon at reverse mortgage. In my view, is a last resort if you need the income of these mortgages generally have higher interest rates and fees and more restrictions than conventional mortgages requires you to stay in the home which you may be planning to do anyway if it any point you had to move out for some sort of assisted living. You know the you would have to satisfy the note or if it was transferred to errors they would have to satisfy it as well so I think it out. I don't like funding lifestyle with dad.

I realize you're sitting on a huge probably amount of equity that you could convert to an income stream. And if that was the only option. Apart from selling it in downsizing or trimming your lifestyle, then it's certainly a way to go for some people it's just not my first choice because there's a lot of fees in an embedded interest rate in that this can add up quickly and I just rather you find lifestyle. Other ways than than a reverse mortgage. If you decide it is the way to go.

I really do your homework. They're not all created equal. So find somebody to help you navigate that is got some expertise and can guide you in that but but we appreciate your call today was Lord to give you some wisdom as you make this decision. I know that's not an easy one on a fixed income. So thanks for your call. Well I were just getting started here on the moneywise live. Still a lot more to come in just a moment were to be talking with Denise about her husband's desire to refinance the house to pay off vehicles talk about charitable donations with Ted from an IRA. Cynthia's wondering about her mortgage and how quickly she should pay that off that in your questions coming up just around the corner. Here's the number 800-525-7000 stay with thanks for tuning in the moneywise live biblical wisdom for your financial journey today.

800-525-7000 standing by to take your call 800-525-7000.

Would you like a financial professional who can help you align your financial decisions with your biblical values. Well we trust the certified kingdom advisor designation for that you can find a CK a right there in your city when you visit our website. Just go to moneywise live.org and click find a CK. Let's head back to the phones in Minnesota is Terry today Terry, how can I help you get it out long now.

I heard your little blip on your market job and I want to say that a good deal. I enjoy your show so much and giving that good advice all the Christian think it's here anyway.

Anyway you can jockey them numbers all you want to percentage you stop paying off your mortgage is the best thing you can give grandpa depression. Whatever we have somebody can take you home away yes well I like that you know and it's interesting that this research we referenced in the opening segment of the program today actually looked at each of these time periods, and you know, more often than not it actually made sense financially, but so often we get fixated on just the financial side, because there are times where the market does better clearly but when you take away that deduction which 82% of people won't enjoy because they take the standard deduction. You realize that that's not as beneficial. And there's the nonfinancial side you know that piece of mind Terry that I hear in your voice, knowing that your home is paid off, free and clear and you got the freedom and flexibility to follow the leading of the Lord is not the dead is a sin.

Certainly, it can make some sense when were buying assets that are appreciating and if we do it in a way that to make sense for our financial life. We can afford it, but we can get out from under it. There are real blessings there and I think Scripture clearly supports that. So Terry, I appreciate your encouragement. Tell you obviously are living this and so your testimony is the one that I know will be an encouragement to many of the folks are listening today so thank you sir for your call very much God bless you. I'm sorry, we can say one more thing. Alright, alright you take care certain. May the Lord bless you to Miami, Florida Marie, thank you for calling I can help my call. I just sold a bit and start paying my debt. I have hundred thousand dollar twin bed, but at what I'm pending for my retirement because I'm 59, but I we don't know where to put it. Yes, so you sold the business talk to me about this money due not planning on going into another business and you don't have it earmarked for any specific purpose other than to grow between now and when you might need it. Down the road in retirement. Yet okay very good and you said you're 59 so you think that's your five years or more down the road and 70, 70, maybe around 70 okay so you think you have more than 10 years for this money to grow, which is great. You know what I would do is I would connect with an investment professional misses a lot of money, Marie. You worked hard for it and I think it you know is not something you should just put on autopilot, especially if you don't have the expertise perhaps the time or the training to invested.

There are more options than ever for you to do it yourself and that that's what you wanted to do. You certainly could head over to sound mind investing.Oregon guilty in sunlight investing newsletter could give you some great options for mutual funds, but I think once you get over hundred thousand dollars bill having an investment professional that has significant expertise and training that can take over this and invested based on your objectives. Makes a lot of sense. So I would do one of those two things either go to our website moneywise live.org and find a CK a a certified kingdom advisor in Miami that could manage this for you or I would go to sound mind investing.org and if you wanted to do it yourself. The sound mind investing newsletter can help you with that. I think one of those two will be exactly what you're looking for. Does that make sense.

Thank you.

Okay, very good Marie. God bless you and congratulations on selling that business that's really exciting to twin Pines, Florida Margie awareness twin Pines is that in the middle of the state, old Pembroke Pines.

Okay, I know exactly where that is because I'm from Fort Lauderdale so Pembroke Pines was just down the street. I had not heard of twin Pines though so that's our instinct. How can I help you today greatly kidnapped .5% which way to go where The years. I can't tell my dollar became more yes well I think. I mean if you would've told me you were to be there five years or longer. I would've said it probably makes sense to look at refinancing his you may be able to save a couple of points in, but that in a couple years. Anything less than five years. It's just not good to be worth the hassle. Margie, because even though you get that interest rate down. You know you're going to spend putting on the vet how public this mortgage is probably several thousand dollars. I would expect 2% of the loan value or more in the form of five closed and no expenses, fees associated with refinancing in you're going to yell barely if if at all, make that up with with saved interest between now and when you sell which just defeats the purpose of it.

So I think unfortunately as much as we like to see a lower rate.

Historically, we go back, you know, if we go back several decades. 5 1/2% still a really good rate even though were more custom these days to the threes or even below, but I think I just given the timeline here, you're probably better off just to continue to pay on this is as much as you can and then once you sell and buy something else. Hopefully you'll be able to still enjoy low rates, probably something even lower than you have now. Does that make sense all right listen. All the best, either in Pembroke Pines. We appreciate your call today. God bless you and I were going to head next to what you like.

We don't have a whole of the time so I wanted save Denise's call and Ted's and Joe's for the next segment. Let me take this opportunity just to remind you before we head into this next break coming up the importance of prayerfully considering supporting this radio ministry. We count on all of you are listeners.

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It's a privilege to be invited into your stories each day. Ask questions and share testimonies just like the testimony we heard from Terry today about the joy of paying off his house to hear more of those questions and testimonies just around the corner so don't go anywhere will be right back. Here's a number 800-525-7000 thanks for tuning in the moneywise live was a thank you to my amazing team today that's helping us do what we do. We could do without Jim and the error in Gabby and Amy each day we lock arms in the serve you are listeners and if you: today you build a talk to our team.

Here's the number 800-525-7000 800-525-7000 Bergen head next to Davenport, Florida Denise, thank you for your patience today.

How can I help you. You're very welcome and kill vehicle motor cycle. He is the only income that we have an right now we L about hundred and 48,000 mortgage we would be an additional 70,000 okay your thought, yeah, and I'm not particularly excited about that. What is your interest rate in your home on the home 3.89 okay yeah that's a pretty good rate in your to spend a good bit of money to refinance it. You know you you may be able to save a quarter-point maybe 1/2 a point depending on how good your credit score is and so forth. But I think you know that just to be able to pay off the vehicles. I'd rather you just stay focused on paying that mortgage. The monthly amount that you have that still a very good rate and then taken go back to your spending plan.

Denise and really dial into that spending plan to see what opportunities you have to trim and cut to free up margin so that you can over and above that monthly payment to those cars send extra probably snowball it start with the you'll pay the obviously the car payment on both. But whatever margin you have. Assuming you don't have credit card data and you've Artie got an emergency fund.

Let's take that margin in and put 100% of the extra against the smallest balance car until it's paid off, but don't stop then take that whole monthly payment plus that margin and roll it to the next one. But using the house to fund that secures that debt to the house and now for storage. You could make the payment you lose your house instead of the car.

I realize that's a worst-case scenario, but that's a big deal because your collateral lysing against your your home.

Your domicile number two the expenses.

I said can be really significant mean you know your to be spending at least 2% on that additional 70,000 in the form of refinance which is $1400 right off the top and a minimum just in expenses for the refi. So I believe the mortgage loan.

Given that interest rate was focusing on paying extra toward those vehicles and getting those paid off okay. I'll ask exactly what I told here that it cannot do it. I love when you tell and then Rob said I was right. Just do it to her with a smile on your face and be really sweet to him. Okay well I will give Denise God bless you to Fort Myers, Florida Ted, thank you for your call today sir, I can help you. Thank you for your I really appreciate what you do. I am I am 89 years old and I had to take out an IRA withdrawal every year since the 735 and and I thought that giving to hide a travelogue is taken directly from my our IRA without going through Miami's so I asked my broker Laster to do it. Everything went fine. This year I had two churches. I want to give a donation to and even though I expressed that I don't like by taxes taken out of any of my activities so well. At the end of the year.

I also knew that they got at the year before, so they sent the money directly from from my account to the churches, but they took out the taxes and each church is shorted by a bot hundred and $68 and I've mentioned this to my broker who is a brother in Christ and he didn't know what to do about it yet is the parent company.

They didn't know they didn't item a lot.

They decided that nothing happened and I know that the secretary that did it correct was going through cancer and I know it just a mistake, but I don't know what to do. A very very height.

I want to do that mindless turkey is just well so was acute was a qualified charitable distribution done there should've been paperwork that named what happened here a Q CD do you know that occurred that way.

I don't know how okay I would call the broker and just say you know this is the way once you reach age. What you are where you have to take a required minimum distribution, then you can do what's called a qualified charitable distribution in any custodian will have the paperwork to do that whereby you complete the paperwork. The amount is sent directly from the IRA to the charity not to you, and in doing so they get the full amount you don't pay any income tax because you don't get the money.

In fact, if you itemize you get the deduction well even if you don't itemize you get the deduction and you satisfy the RMD, but it has to be set up as a qualified charitable distribution which is what triggers it to not be a distribution to you, which is a taxable event. And so if that was done incorrectly, meaning it was taken out inadvertently but it was handled properly in terms of the money being sent direct to the charity, then your CPA should help you straighten that out. The money could be put back into the account and you know because there would be no tax owed to it would been taken out inadvertently so first thing I would do is call the broker or the brokerage firm and just say was this properly set up as a qualified charitable distribution and then depending on what they tell you, call your CPA and say I need you to help me sort this out because tax was withheld and based on my understanding of how this was done, it should not have been so how do we write this ship and and you have this handled properly, to some extent. So II would all be home office which should be at Edward Jones. Yes, you say, I was this in fact set up as a qualified charitable distribution because of the was I don't know why taxes are withheld and get them to tell you exactly how was done and then take that information to your CPA and say what should I do, and perhaps maybe you get a call with your CPA and Edward Jones to sort this out because there's a way to put this back together properly. It just needs to be done the right way so that doesn't trigger a taxable event. Okay, thank you so much okay absolutely. I appreciate your generous heart and wanted to try to get more money to charity.

I think that's a good thing for sure, and are doing that in a way that's wise where you don't pay any more tax and you have to and get more money into the kingdom because that money is not being paid any tax on it to buy you. That's a phenomenal thing by the way, if you don't know about a qualified charitable distribution. Head over to our friends at the National Christian foundation's website in CF giving.com in CF giving.com they got plenty of information and resources there that you could avail yourself of to understand exactly what it looks like to make a qualified charitable distribution. If you're not to of age to have a required minimum on an IRA. There are other ways to give assets you can give gifts of appreciated stock you can give your business away prior to a sale and get a lot of money into the kingdom and save it. Running taxes that you can give away real estate. There are so many ways to give from our balance sheet, which is where most of our wealth is held you.

We so often give out a casual, guess what 90% of gifts happened in the form of casually 10% of assets are held this cash so the balance sheet is where the opportunities in CF giving.com they stay with us will be right thanks for turning in the moneywise live biblical wisdom intersects with today's financial decisions and choices. It was 2350 versus found in God's word.

How do we know well the former host of this program. Our friend Howard Dayton the men's Bible study 30 years ago actually sat down and said work to find out how many verses on money exist in the Bible and over many weeks as they met together weekly. They cut out with scissor every passage of the Bible that dealt with money and possessions, and they stack them up by category and 2350 versus later they said I think we have our next that's a lot in God's word. It's more than just about any other topic.

Why is that well.

I believe it's because money is the chief competitor Lordship if something's going to compete with her heart for first place in their SKUs.

We compete with God for first place in our hearts it's most often going to be money and the things that money can buy. So we want to know what God has for us in this area. How can we hold it loosely and have God not be a competitor put him in his rightful place, and let money be a tool to accomplish his purposes will that's what this program is all about.

Let's head back to the phones today in Chicago, Illinois. John skews me Joe and Joe's been waiting patiently.

How can I help you sir, wrap my college appreciate it if I'm trying to help a friend you a loan modification. It gave him a call that they could rate so I'm not quite sure, but the fire just a matter H and but the rate it went from a pipeline to acute 3.5 and a little bit like a little over, keep work $500 FHA loan fee talking fairly well.

He had he had a bankrupt that what happened years ago Italy fire while almost almost 7 dialect buyer in May of next year.

I don't drop off it'll be seven years in May for the but as it stands right now, he had been 25 credit for so I'm not sure the bankruptcy bankruptcy must be factored into the credit for it. There something that just because you have the bankrupt even though you have 725 credit for, you know, you don't get a good rate.

There are quite sure why he can't just go out and apply for a conventional loan. Well he can. You know your friend is doing well with a score of 725 and I'm not terribly surprised because as things get further and further in the past and he's pretty close to this rolling off at six at seven years and he's six years and I think you said it's having less of an impact on the score clearly now than it did you know in years past. You note for Mike for a conventional loan is generally four years from the discharge date. Now each lender can determine what their own terms and conditions are but you know it the end of the day, you know, the fact that he's got the good credit score is beyond that for your Marquis should be able to qualify, maybe not for the best terms and rates and maybe not by every lender, but at least have plenty of options out there is always he's got the income that he can document in his repayment history is been good, which I suspect that it has because it has credit scores so high, so he should just go out and shop it at this point, you know with whatever lenders he can find. But there's nothing preventing him at this point from getting that refi just because of the bankruptcy because of how long it's been since it happened. You follow yet I trust that well told him that all know you have to wait seven years all know and 25 don't have to wait seven years. The key is just finding the lender that will do it for a conventional mortgage. It is four years and the only situation we could be running into is that the discharge date isn't conforming to the seven year. On the credit report so you may want to just check that.

But if the discharge date was more than four years ago than he absolutely can qualify, but is can have to find a lender who will do it with the terms and rates that he's happy with. So I given that information and appreciate you checking in with us on his behalf at the sunrise, Florida Antonio, how can help you years I've been I've been blessed enough to save enough money in our checking account like fire just about health mortgage.

But then, unexpectedly, my mother-in-law lacks mother passed away so keeping short, my question is should I use that money to pay off my mortgage, or should I use it to buy out the other beneficiary of her house so that I could have that house rent free. I may not have that house on mortgage free then used as a rental property. Yeah so you been saving up money to pay off your own mortgage you not been sending it to the mortgage company and you build that up in savings is that right yes yes correct and how much of you saved about 150 okay and what is the beneficiary.

The other beneficiary's portion of the house.

How much would that cost will be about that much. The house incompetent area about 270 okay very good. And do you want to get into the real estate business seminar you wanting to become a landlord know my father was premier, I think it would be a good fit for my wife and I hear one out and taken a lot of things and you know II have had a front row seat to some horror stories but also in our exit almost 20 years in the making for my debt yeah well I guess the only thing unless there's some you know something that you want to hang on to this house because it has some sentimental value. It's been a part of your family. Odds are that the home you've inherited isn't necessarily the very best one for you to turn into a business.

A rental property so I think you one option as you say. Well there is some sentimental value would really like to hang on to this. Keep it in the family and and I get it paid off and I would say yeah because you have the option with cash to go in and buy out this asset and then converted into an income stream without any debt service that's gonna put you in a really strong position but I guess the second question I would ask is if you want to get into the real estate business. Don't get into a binary trap, which is to competing alternatives or limiting your choices just to keep the home and by the person out or pay down the mortgage. What if we were to consider you getting out of this home so you add another hundred and 52 it because the other beneficiary buys you out or you will just sell it and split it and then now you got 300,000 to say what is the very best property for us to buy.

That would allow us to begin to earn some income through real estate. You know the only reason you may want to keep this one other than sentimental reasons is you not having to buy it in a very hot real estate market where you gonna pay a premium so if that's the reason.

And you look at it you do the comps and you talk to some professionals you think this really could be an excellent rental property that I would say go for it. There's no reason not to. As long as you and your wife don't have a conviction around being debt free with your primary residence in your life if you and sheer on the same page about hanging on your mortgage and using this hundred 50,000 to go convert this inheritance into an income stream that I'd say that makes a lot of sense. If this property is conducive to that. But if if you guys are not on the same page in your like honey look we could do with this house, and she says I just want to own my home. I wouldn't gloss over that I would take that into account, but throwing a lot at you.

Antonio give your thoughts brilliant, you're actually confirming we were extraordinarily excited and grateful that we are in a position to buy our house out and Dino beat me mortgage free and then unexpectedly happen. So I said a honey what you think about this and she's like one, because of sentimental reasons but also that we been looking FOR all these years I've been out getting an opportunity to get out from under a mortgage. I'm definitely here and here's what I would like you to do because it sounds like you guys could go either way.

And I don't think you can make a wrong decision here. I want you all to just say what I could do anything for two weeks and I want you all commit to on your own. Praying about this for two weeks and asked the Lord to give you some wisdom, then I want you to come together and I want you guys to talk about it and what you're trying to determine is do we really have a conviction to be debt free and if so, don't think twice about paying off that mortgage you do it but if you come back together and say you know what I think the Lord is released us from that were okay with this mortgage and we think this is a blessing. We want this home to stay in the family and we think of becoming landlord to something we've actually excited about doing, that's a great option.

But I want you to to be on the same page and I want you to hear from the Lord in the process of making the decision so push the pause button a week or two. Commit to praying about it every morning on your own and then you guys come together and talk about what the Lord is shared with you, and you guys make a decision.

How does that sound.

I really all right once you get to the end of that. Antonio got a call us back and tell us what you decided okay my friend okay thanks very much quickly to Alabama allaying I wish I had a lot of time. I only got about a minute.

Tell me what you trying to accomplish you and how can I help them Christian help find okay well I like that idea because you're 94 and you're still investing in your wanting to align your values with your investments and this is fabulous this is great. So I'm to give you a couple of fun family names were actually working on a webpage on our new website that comes out next month. This can have a big long listing of all the faith-based investing mutual funds are many of them that would be exactly what you're looking for, but in the meantime, I want you to check out Eventide EV ENT IDE praxis mutual funds PRA acts IIS and inspire funds INSP IRA Eventide praxis and inspire.

You can't go wrong with any of those three, and thus they too will have more on faith-based investing down the road. All the best to you Elaine thank you for your call it a great weight in the program moneywise. Love is a partnership between Moody radio and moneywise media want to say thank you to Deb Solomon Amy Rios Jim Henry Gabby T and Aaron, who was supporting us today as well. Thank you for being here. Stay tuned for another episode tomorrow. Come back and join us