Q. I have a question about my upcoming early inheritance. My parents, who are in their 80s, are gifting me $500,000. My husband and I, both in our 40s, have no debt and own a home worth $900,000 with a $450,000 mortgage left on it. I just started a job with a defined benefit pension plan (DBPP) and my husband has no pension. We have about $30,000 in each of our registered retirement savings plans (RRSPs) and about $50,000 cash in tax-free savings accounts (TFSAs.) We contribute $2,500 to the kids’ registered education saving plans (RESPs) every year (they are ages 6 and 8) and $5,000 to charity annually. We make $140,000 annually between us. My question is this. My husband would love for the mortgage to be paid off. I am mostly for that idea. But we may need to move houses for more room and a shorter commute to work. Is putting almost all this money against the mortgage on the matrimonial home the right thing to do? Anything in life can happen and I’d be worried about losing this money if there was ever a breakup in our marriage. Is there a better option for this money than to put it against the mortgage at this time? —Christina in Burlington, Ont. Read More