You get 50k dollars tax free no catch what do you plan to do with it?

  • Rhaedas@fedia.io
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    2 months ago

    Pay off means the rest of the mortgage. So either at the end of a typical loan, or the rare cheaper houses where they still owe about half.

    • blarghly@lemmy.world
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      2 months ago

      Or they could just mean they would pay down the house, which can be a big financial boon, even if not completely paid off. If you are in the US and have a normal 30 year fixed rate mortgage, then paying down 50k means you get to save on the remaining interest due on that 50k - so you don’t just save 50k, but the compounding interest due on that 50k across the remaining liftime of the loan.