Should I pay off my mortgage?

You left out an important detail I, and I assume most other people, would need in order to best answer this question: "How much savings do you have, and what portion of it is liquid?"

You also do not say if your state has state income taxes. So, I'll just assume it doesn't.

For 2013, you have no earned income. You have $10k in capital gains, which might be taxed at a higher rate than earned income. You also have deductions of $13,000 plus interest expense (let's say approx $4,560). For 2013, you likely will owe nothing in federal income taxes.

I am a financier, so it's not odd, I guess, that I would say paying off the mtg completely might not be in your best interest. But, I have my reasons.

As a finance person, I look at cash flows -- cash coming in, cash going out. You do not know what your income will be at age 60. That's uncertainty. I distrust uncertainty completely. I would suggest that you pay as much as you can, monthly, out of your DISPOSABLE income -- toward your debt. I would not hock current assets for long-term liabilities unless the spread between earnings on assets and cost of debt were large. e.g. -- if you are making 1% on your investments and paying 6% on your debt, -- well, it might make sense to pay off some of the debt.

That's likely not true. So what I am saying is that minimizing how much you have to pay this year is usually always better than minimizing how much you have to pay next year. If you look at profit and loss statements (income), you will not come to this conclusion.

Any good finance person will tell you to be cash-focused, not income focused. IN THE SHORT TERM. Good luck.

Pay off credit cards first and refinance the house for longer to get that payment down. Once your credit card debt is payed off. ATTACK WITH A ****VENGEANCE**** TAKE IT DOWN!!! On the mortgage.

Sorry about the situation you have been put in!

Time to put on the "Big Girl" panties and get this debt clean up!!!!!!

Shoot me a email with all the information on the house and I will be able to tell you if I can help with that my email is jonesfinancial95@yahoo.com

always better to pay off the debts.