Welcome to the Jill on Money coronavirus market update. Yep, it's Monday, beginning of

another work week for you. For me, it just doesn't feel like I'm ever stopping and

I think Mark probably feels the same way. Have I mentioned that Mark's the best

executive producer in the world? He is. It's just you know not a not a lot of competition, but let me just say, I would be nothing without this man. So, thanks Mark.

Okay, if you've got a financial question, please do send us a note.

Email us, Ask Jill at Jill on Money.

Ask Jill at Jill on Money.

You can always go to our website Jill on Money.com and sign up for our free

weekly newsletter. Mark puts together all the cool stuff over the course of a week.

It's fantastic. All right, let's get to your questions. Mary is 67 years old.

She's got $100,000 in savings.

88,000 in a 401k, 12 grand in the bank.

Okay.

I owe $166,000 on my mortgage 4.75%. My monthly bills $2,500 plus food and entertainment,

monthly mortgage payment. I get Social Security and works making you know about

15 bucks an hour but she's furloughed right now. Question, should I refinance the

$166,000 to get smaller payments or put the $100,000 on principal and then pay as much as possible to get rid of my mortgage.

Okay, here's the problem. You're not going to be able to refinance this mortgage because you don't have enough income.

So what you should do is not take any of the money out of your savings. You only have a hundred thousand dollars. Keep it. And if you need to take a little bit of money out of your 401k and you can pay your taxes on that, but you absolutely positively must not take that money.

That is your liquidity.

That has to last you.

So no, do not do that. Michael writes, I have a news rather than a money question.

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