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Old Today, 09:30 AM
 
Location: Central Ohio
621 posts, read 256,849 times
Reputation: 1196

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I'm another who wasn't in a position to buy a home until later in life...at age 49 to be exact. Fortunately, I bought in a HCOL area and my home value increased quite a bit in the 14 years I owned it. Allowed me to sell, take the profit and buy a really nice house in a really nice neighborhood with cash in a much lower COL area...which I LOVE! So, although I did not pay off my mortgage at a young age, it all ended up the same in retirement....no mortgage or rent to pay and property taxes and insurance are less than $200 a month...I feel like I won the lottery!
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Old Today, 12:44 PM
 
12,830 posts, read 14,140,755 times
Reputation: 35106
I rented until I was retired. In retirement I never bought or built a house that required a mortgage.
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Old Today, 06:30 PM
 
3 posts, read 4,095 times
Reputation: 10
Owning property and paying off our mortgage early (15 year loans) was essential for us to retire early. Now we are spending our time traveling and searching for a spot to spend the last of our days. Total bliss
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Old Today, 06:41 PM
 
Location: New York Area
16,030 posts, read 6,317,226 times
Reputation: 12443
Quote:
Originally Posted by Poggly Woggly View Post
I learned about 15 year loans and amortization years ago. I haven't had a mortgage since my late 40's.
I closed on my 15-year loan in 2003, and then a 10 year loan at 2 7/8% on November 20, 2012. I accelerated payments and will be finished next December. I will be 63 3/4 then.
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