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Old 03-07-2014, 02:28 PM
 
76 posts, read 154,168 times
Reputation: 88

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We are about to semi-retire in 3 weeks. We sold our primary residence at a good profit and are moving to our mortage free vacation home in a nice resort community on the mid-atlantic coast. Just wondering how many semi or retired out there, still carry a mortgage? Sure everyones situation is different, but in general I would not feel good if I was still carrying that mortgage debt.
Just wondering what people think about this subject.
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Old 03-07-2014, 04:24 PM
 
Location: Sierra Nevada Land, CA
9,271 posts, read 10,169,564 times
Reputation: 15629
IMO being debt free is important at any age.

The tax write off of a mortgage payment is not worth it. Spending $1000 to save $250 in income tax does not make financial sense, unless you are buying a house for an investment.

I plan to retire in three years and our house is paid off.
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Old 03-07-2014, 04:58 PM
 
261 posts, read 257,565 times
Reputation: 568
We were mortgage-free before retirement which enabled us to stockpile more cash. I'm much more comfortable just handling our property taxes and HOA fees.
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Old 03-07-2014, 05:25 PM
 
Location: SC
8,795 posts, read 6,334,867 times
Reputation: 12895
A mortgage is a savings killer. The sooner most are done with it the better. My life changed drastically when I paid mine off. But then I was making about 2 and a half times the required payment to get it paid off within 10 years. You will be shocked how much money you can save after.
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Old 03-07-2014, 06:16 PM
 
Location: Columbia SC
11,061 posts, read 9,374,935 times
Reputation: 16097
I was shocked when a friend said that in their up scale, over 55 HOA, the foreclosure rate was about the same as the national average. The shock to me was that many older people are still carrying mortgages. I know some will say if one can afford it, not an issue. Some will say use other peoples money, etc. I said the same things when younger and had to have/needed debt.

Now I say the best course of action for older people (like myself) is to be debt free as few of us have the earning power we did when younger.
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Old 03-07-2014, 06:40 PM
 
82,973 posts, read 80,443,900 times
Reputation: 58950
a little more than half of all retirees with homes have a mortgage in retirement. many because money is just so cheap now and they are doing better with their own money elsewhere.
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Old 03-07-2014, 06:43 PM
 
Location: At the Lake (in Texas)
2,070 posts, read 2,144,892 times
Reputation: 5037
My lakehome will be paid off in 3 more years - I wouldn't be able to retire (financially) if that weren't the case.
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Old 03-07-2014, 06:45 PM
 
Location: NE Mississippi
17,666 posts, read 10,419,612 times
Reputation: 24654
Quote:
Originally Posted by JWnova View Post
We are about to semi-retire in 3 weeks. We sold our primary residence at a good profit and are moving to our mortage free vacation home in a nice resort community on the mid-atlantic coast. Just wondering how many semi or retired out there, still carry a mortgage? Sure everyones situation is different, but in general I would not feel good if I was still carrying that mortgage debt.
Just wondering what people think about this subject.
We're debt free and retired.
We even own two rental homes with no mortgage.

I would not recommend carrying a mortgage. Things go "bump". But you already knew that......
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Old 03-07-2014, 07:33 PM
 
Location: Edina, MN, USA
7,127 posts, read 7,796,362 times
Reputation: 16706
I owe $3,000 and that will be paid off at the end of this month - I've saved years off the mortgage by paying more here and there.

The elephant will have left the room.
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Old 03-07-2014, 07:51 PM
 
1,107 posts, read 2,021,659 times
Reputation: 1575
Yup. Mortgage free...because I rent.
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