Looking for advice on whether I should sell or not?

[io62kg]

i am 59 years old and will be made redundant at the end of 2011. i will get about 80k. we own our home and in 2003 we borrowed 150k over 19 years and bought an investment property. the property is worth 100k now and the mortgage about 110k. should i sell and cut my losses, or use all or part of my redundancy and try to ride it out. we get 600 per month rent and pay back 1050 as of march 2011.

 

[niceoneted]

Will you have an income once you are finished this current job?
I think you might be best to pay off a lump sum that will being the mortgage payment in line with the rent that is received thus it will more or less pay for itself.
You have 11 yrs left to pay and will be 70 by then. It will have paid for itself and you will have all the equity in it by then.

 

[oldnick]

you say that if you sell your house you may get 100k. You are earning 7k gross on this 100k asset. Not bad- few of us are getting 7% gross return on the present value of our property. Based only on that information I'd hold on to the property. But we need to know more facts.

The usual advice is that if you can pay off a loan with a lump sum then do so, but without knowing other facts - your other income, the type of loan deal you have etc , it's unwise for anyone to be too specific with advice.