Welcome to the Jill On Money podcast.

It is Monday, October 12.

And on my Google calendar, it says two things.

Just want to make sure everyone gets this.

Columbus Day and Indigenous People's Day.

So it's both. Whatever you are actually celebrating,

we wish you a happy, whichever one. Now, for everyone else, most of you are working anyway,

because it's not as if offices are usually closed for Columbus Day, but I think some schools are.

So maybe you're home with your kiddos and this is the way you escape. I hope so for your sake. If you've got a financial question

and we are part of your escape plan, just send us an email. It's Ask Jill at Jillonmoney.com.

Ask Jill at Jillonmoney.com. Okay, let's start with Christine who says, hello, we are three years into a fixed mortgage on a second home.

We're considering switching to an interest only mortgage. Our small business income has decreased due to the current state of the country.

We're looking to increase our cash flow, decrease our monthly expenses.

Would you recommend this path?

Or is an interest-only mortgage always too much of a risk?

Christine, it's not always too much of a risk, but I need to know more information.

I feel like we need to understand, number one, what is the value of the home?

Number two, what is the outstanding mortgage amount? The fixed mortgage, is it a 10, a 15, a 30 year?

Do you have an existing mortgage on a primary residence? What does the cash look like? All of these

things would help us address your question.

And I just don't know. I don't. So I need more information. For those of you who are enticed by

the low monthly payments of an interest-only mortgage, sounds like a great idea. But rates are so low

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