u/ManufacturerNo3111

Invest or pay off mortgage?

I 59yo, am expecting a wind fall of $800k post tax. I have two mortgages
$750k property at 7% balance $550K
$650K primary at 5.4% balance $380K

Retirement $800K IRA/401K
HHI $500K, no other debt. Would like to retire in the next 5 years (could work 10 more years if needed). Advice needed.
Before anyone asks, the high income is very very recent.

to clarify.
Both mortgages are on the same property. Primary home on large acreage, split into two due to restrictions on lot size on primary home mortgages. Lot with 7% interest is considered farmland. 100% tax deduction on interest.

Invest or pay off mortgage?

I 59yo, am expecting a wind fall of $800k post tax. I have two mortgages
$750k property at 7% balance $550K
$650K primary at 5.4% balance $380K

Retirement $800K IRA/401K
HHI $500K, no other debt. Would like to retire in the next 5 years (could work 10 more years if needed). Advice needed.
Before anyone asks, the high income is very very recent.

Both mortgages are on the same property. Primary home on large acreage, split into two due to restrictions on lot size on primary home mortgages. Lot with 7% interest is considered farmland. 100% tax deduction on interest.

Invest or pay off mortgage?

I 59yo, am expecting a wind fall of $800k post tax. I have two mortgages
$750k property at 7% balance $550K
$650K primary at 5.4% balance $380K

Retirement $800K IRA/401K
HHI $500K, no other debt. Would like to retire in the next 5 years (could work 10 more years if needed). Advice needed.
Before anyone asks, the high income is very very recent.

Both mortgages are on the same property. Primary home on large acreage, split into two due to restrictions on lot size on primary home mortgages. Lot with 7% interest is considered farmland. 100% tax deduction on interest.

I 59yo, am expecting a wind fall of $800k post tax. I have two mortgages
$750k property at 7% balance $550K
$650K primary at 5.4% balance $380K

Retirement $800K IRA/401K
HHI $500K, no other debt. Would like to retire in the next 5 years (could work 10 more years if needed). Advice needed.
Before anyone asks, the high income is very very recent.

EDIT to clarify.
Both mortgages are on the same property. Primary home on large acreage, split into two due to restrictions on lot size on primary home mortgages. Lot with 7% interest is considered farmland. 100% tax deduction on interest.