I don’t know if this falls into the category of a “simple” question as described in your recent column “Get advice on finances year-round”. Recently received inheritance – thinking paying off mortgage might be best way to “invest” the $. Original loan 7 yrs ago was $100,000 – halfway through 15 year loan, with $61,000 payoff balance. We’d have about $7,000 left from inheritance if we paid off mortgage.

Husband(62) and I(52) currently both employed – I’m eligible for teacher retirement in 5 years – plan to continue working after that time. Our combined incomes gross about $80,000 a yr.Our only debt is mortgage (1300 mo.) and parent college loans (550 mo. for 8-10 more yrs.) We have no savings. We plan on staying in our house for the forseeable future.We are “frugal”, but have little, if any, $ left at the end of each month.Should we payoff the mortgage and put away the $850 a month?

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