Personal Investment & Financial Planning Q`s/Paying off mortgage


My husband and I are thinking moving to a different state, buying a house and living off of his social security and Veterans benefits.  I would, of course have to quit my job and the point would be for me to not have to work.  We will sell our current house.  With the equity in our house, some inheritance money and savings/investments, we could pay cash for a house.  But it would leave us with nothing but his monthly income and no house payments. Financially we could make it on the income if we are frugal.  But we have nothing to fall back on in the event of an emergency.  My husband is 65, I am 56.  His health is not bad but not the best.  With the age difference alone, I will probably live 10 years longer than him, not taking into account the longevity of women vs. men and his health issues.  I don't like to dwell on this part but it is reality and it needs to be considered.  If I am left alone, I will lose his social security and VA disability.  I have nothing and even if I am at the point of collecting SS, it wouldn't be enough to live on.  

I think we should do a nice down payment on the house and keep the buffer of the investments.  My husband likes the idea of no house payment but no savings.

I can give you more specific details if you need them.  We are far from rich other than we have 5 wonderful adult children, their great spouses and 4 1/2 grandchildren.  All my live has been focused on raising the kids.  We seldom had much money and couldn't give them much but they are now getting started on their careers and doing well.  We are very proud of what they have made of themselves.

What are your thoughts?  Thanks for your help and time.


Without a comprehensive view or understanding of your overall financial picture, it's challenging to be specific.  However, in general, I would say that it's a lot easier to get a loan on real estate than it is for retirement!  Liquidity tends to be important and unanticipated expenses seem to always arise.  

Please note, these comments are for general, informational purposes only and should not be construed as investment, tax or legal advice.  Please consult a trusted professional such as a Certified Financial Planner to evaluate your specific situation.

Personal Investment & Financial Planning Q`s

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Gregory Ostrowski


Expert in the field of personal finance, investing and retirement planning. Cannot respond to questions on specific investments, nor provide tax or legal advice.


CERTIFIED FINANCIAL PLANNERô Practitioner & Chartered Retirement Planning Counselorô 12 Years Experience and Partner of Scarborough Capital Management, a Registered Investment Advisory firm managing approximately $1.2 billion in retirement assets for individuals across the United States

Building Traditions Society, Anne Arundel Medical Center Foundation, Current Saint Mary's Annapolis Alumni Association Board Member, Current AARP Financial Expert, Past LinedFA Advisory Board, Past

Wall Street Journal, Essence Magaine, What's UP Annapolis, The Capital, Reuters, Baltimore Business Journal, Washington Business Journal, Kiplingers, The Associated Press

BS, Villanova University FINRA Series 7 & 66 Life and Health Insurance License Holder CERTIFIED FINANCIAL PLANNERô Practitioner Chartered Retirement Planning Counselorô

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Top 40 Under 40 Registered Investment Advisors by Annapolis 40 Finest, Cystic Fibrosis Foundation, 2014 Five Star Financial Professional, Baltimore Magazine, 2013, 2014 The Capital's Readers Choice Best Financial Advisor, 2012, 2013

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