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Boy, it sure makes a difference! Just about everyone we know has their house paid for....yikes that would be sweet as they have money for vacations, lots of dining out, theater, etc.
I know I shouldn't be envious but....
We just bought a condo 2 years ago and it has a fairly large mortgage.
Well, buying a condo two years ago was your choice! So nothing to envy, really.
We paid off our mortgage in our 40s. It IS sweet! It allowed us to substantially build up our retirement money.
When we sell, we will use that money to buy into an independent living community.
Boy, it sure makes a difference! Just about everyone we know has their house paid for....yikes that would be sweet as they have money for vacations, lots of dining out, theater, etc.
I know I shouldn't be envious but....
We just bought a condo 2 years ago and it has a fairly large mortgage.
What caused you to not have a paid off mortgage by your 70's?
Why, in your 70's, did you now decide to get a mortgage?
I have a mortgage and it doesn't bother me in the least. It started out as one of those "interest only" Countrywide loans (remember those) and is now a P and I loan for $300 a month. I chip away at the balance (over $50,000) each month but the interest rate (3.125) is low enough I don't send much extra.
Pay it off? I could but why would I? I can use it as a deduction and it suits me just fine.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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My parents bought at age 70/72, and have been happily paying it now for 14 years. They got 3 BR, 2BA and 5 acres for $74k back then, and can afford the payments on their SS. Mortgages are rarely paid off any more, because people move on the average of every 7 years, and often retirees downsize. We have been here 23 years and expect to pay cash when we eventually retire and down size to a less expensive area at age 68/67 in a few years. We will still owe a bit but the equity now is about $400k.
I bought the house i'm in ten years ago, and I have a small mortgage, which I expect to have for as long as i'm here. in the 50+ years that I've owned houses, there have only been four years when I didn't have a mortgage. it seems like the norm to me and it doesn't preclude me from saving/investing money each month, as well as go out to dinners, lunches, take a few trips, contribute to charities of my choosing, and buy what books (usually ) I want.
I have two pensions- one moderate and one small, social security, and an annuity. my income is moderate but more than adequate for my needs. I can deduct the interest from taxes- one of the few deductions I have-, and I certainly have never felt restricted or deprived, with this expense.in fact, I live better most of the time than when I was working. I have no plans to pay it off.
I have a mortgage and it doesn't bother me in the least. It started out as one of those "interest only" Countrywide loans (remember those) and is now a P and I loan for $300 a month. I chip away at the balance (over $50,000) each month but the interest rate (3.125) is low enough I don't send much extra.
Pay it off? I could but why would I? I can use it as a deduction and it suits me just fine.
I feel the same. I'll still have my mortgage when I'm 70 but it's cheaper than rent for more space and nicer digs, so why should I pay it off? I probably will move into senior housing before I pay the mortgage off, and then I'll pay rent.
I feel the same. I'll still have my mortgage when I'm 70 but it's cheaper than rent for more space and nicer digs, so why should I pay it off? I probably will move into senior housing before I pay the mortgage off, and then I'll pay rent.
It's still money going out. You may need that money if something big comes up.
I have a mortgage and it doesn't bother me in the least. It started out as one of those "interest only" Countrywide loans (remember those) and is now a P and I loan for $300 a month. I chip away at the balance (over $50,000) each month but the interest rate (3.125) is low enough I don't send much extra.
Pay it off? I could but why would I? I can use it as a deduction and it suits me just fine.
I wouldn't go bananas trying to pay off a small mortgage when your monthly payment is so very low.
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