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Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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If the value stays the same or continues to go up at all, we will sell for about 800k, and owe $200k.,Our plan when retiring in 3-4 years is to move to a less expensive area and pay cash, with another couple of hundred thousand left to supplement our pensions and SS. If we should have another 2008 recession, we'll just about come out even. A worse recession befor then and we would have a small mortgage, but of course where we buy homes will be much cheaper too. My parents bought a home when they retired 15 years ago, still there at 87 & 85.
After the marriage ended and I sold everything I owned that I wasn't "married to", I was able to purchase the perfect house for this time in my life and pay cash for it. I have been blessed!
I'm trying to decide whether to pay off my mortgage, or not.
I have enough cash to do so, but then all my capital will be tied up in my housing equity, which is great for my kid, but it means having to live frugally so I can leave a good inheritance.
The other possibility is to sell my place, and get a lot smaller place, and have the difference for spending. But that means moving, and also forgoing the appreciation of my property, which is much higher than I can get at the bank or stock market.
Retired last May paid mortgage off in October wife retires this October.
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