U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 08-09-2017, 12:34 PM
 
72,085 posts, read 72,068,214 times
Reputation: 49621

Advertisements

my son has a small home in scarsdale in westchester .his taxes are 1650.00 a month. even the smallest homes that are not in dis-repair are in the 7 figures ..

the owner of the company i worked for pays 40k a year in lloyd neck harbor in long island .
Reply With Quote Quick reply to this message

 
Old 08-09-2017, 02:28 PM
 
645 posts, read 535,859 times
Reputation: 896
Quote:
Originally Posted by Perryinva View Post
My cousins in Westchester County pay $1-2k/mo in property taxes on their homes. Since that is what everyone around them is paying, it seems normal. Their homes are smaller older and have more upkeep than mine and I pay $400/mo. But mine is worth half to a third what theirs is. They think that is hilarious. They would never move, though.
Just curious, what kind of home values and sf are you talking about for those taxes/mo? Approximately, no details.
Reply With Quote Quick reply to this message
 
Old 08-09-2017, 04:30 PM
 
Location: RVA
2,177 posts, read 1,275,748 times
Reputation: 4506
2 story, 2300-2500 with single car detached garage. Mine is 3Br/2Ba 2400sf brick colonial w/slate roof, with detached 26 x26 2 car with heat/AC and finished 12x22 room over cars. About $450k.
Reply With Quote Quick reply to this message
 
Old 08-10-2017, 09:59 PM
 
Location: Florida -
8,777 posts, read 10,882,294 times
Reputation: 16675
Quote:
Originally Posted by tatanka01 View Post
As far as I know, you can't get a HELOC once your house is paid off. In order to have a second mortgage, you need a first. I tried it once and was offered a "low rate credit card" instead. The first time buyer thing sounds like they were setting up a new first mortgage.

Maybe things have changed -- it's been awhile.

A HELOC (Home Equity Line of Credit) uses the equity in one's home as collateral for the line of credit. Of course one can get a HELOC on a paid-off home, since what matters is one's equity in the home.

My point in this thread was that banks have made it significantly lore difficult to get a HELOC ... almost as if one were applying for a primary mortgage .
Reply With Quote Quick reply to this message
 
Old 08-11-2017, 04:16 AM
 
Location: Central Massachusetts
4,800 posts, read 4,865,465 times
Reputation: 6379
Quote:
Originally Posted by jghorton View Post
A HELOC (Home Equity Line of Credit) uses the equity in one's home as collateral for the line of credit. Of course one can get a HELOC on a paid-off home, since what matters is one's equity in the home.

My point in this thread was that banks have made it significantly lore difficult to get a HELOC ... almost as if one were applying for a primary mortgage .


You're probably right.

I don't know if I will get a HELOC. I have no mortgage and we paid off and closed out our HELOC when we paid off the mortgage. At them moment I have no need for it. I have reportable income so I am fairly sure I can get a HELOC should I need it.

I personally would prefer that I pre-plan for any major purchases and maintenance issues.
Reply With Quote Quick reply to this message
 
Old 08-11-2017, 04:54 AM
 
649 posts, read 556,113 times
Reputation: 1877
Every situation is different, as is how a paid off home makes you feel, which can be very important for some. We paid off our home in our early 40's. No mortgage now for 10 plus years, 1400 dollars a year property tax. We have been saving 75 percent of our salaries, both 6 figure, since the mortgage was paid off.

Now going to do a remodel and will use a home equity loan to do it. Low interest, tax deduction and it makes no sense to us to withdraw funds that are averaging 10-14 percent annually for the past several years. As another poster said, debt is a tool, provided you're in the right situation, and should be used as one.

If you sleep better at night with a paid off mortgage, then that should be what is important to you, not what others think.
Reply With Quote Quick reply to this message
 
Old 08-11-2017, 05:41 AM
 
72,085 posts, read 72,068,214 times
Reputation: 49621
one thing you have to keep in mind is that channeling extra money in to investments later on in life once the mortgage is paid can have far different results than feeding that money in in smaller amounts earlier .

it is time in the markets that grows large sums of money. the less time you give it the more you increase the chances of hitting a stretch with below average performance.

so many of those who feed the extra money they had over the years in to the mortgage and then take that money not being spent on the mortgage later and invest it. they usually end up coming up shorter than they would have been had they invested all along using smaller amounts starting younger

Last edited by mathjak107; 08-11-2017 at 05:58 AM..
Reply With Quote Quick reply to this message
 
Old 08-11-2017, 06:36 AM
 
649 posts, read 556,113 times
Reputation: 1877
Quote:
Originally Posted by mathjak107 View Post
one thing you have to keep in mind is that channeling extra money in to investments later on in life once the mortgage is paid can have far different results than feeding that money in in smaller amounts earlier .

it is time in the markets that grows large sums of money. the less time you give it the more you increase the chances of hitting a stretch with below average performance.

so many of those who feed the extra money they had over the years in to the mortgage and then take that money not being spent on the mortgage later and invest it. they usually end up coming up shorter than they would have been had they invested all along using smaller amounts starting younger
Agreed, you are absolutely correct, but for us at the time, the psychological impact of having a paid off house was more important. We were willing to trade that "comfort" for lower overall growth in our portfolio. Especially when you know that you will have 2 pensions that will replace 75 percent of pre-retirement income. SS, IRA/401(k)/457 are just an added bonus. The kicker for us was health care coverage for life.
Reply With Quote Quick reply to this message
 
Old 08-11-2017, 06:41 AM
 
72,085 posts, read 72,068,214 times
Reputation: 49621
i certainly can understand that . many times there will always be a discrepancy between best financially and best mentally .

the only issues are when the mental interferes with not having enough financially to get through rough patches . then being house rich can suck compared to having more accessible cash .

many lost their heloc credit lines in 2008 and their jobs .counting on their home as their piggy bank ended in disaster .
Reply With Quote Quick reply to this message
 
Old 08-12-2017, 10:06 AM
 
29,891 posts, read 34,945,207 times
Reputation: 11793
Quote:
Originally Posted by MG120 View Post
Agreed, you are absolutely correct, but for us at the time, the psychological impact of having a paid off house was more important. We were willing to trade that "comfort" for lower overall growth in our portfolio. Especially when you know that you will have 2 pensions that will replace 75 percent of pre-retirement income. SS, IRA/401(k)/457 are just an added bonus. The kicker for us was health care coverage for life.
How long have you been retired or are you still working. I understand fully your perspective but with time in retirement that can change.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top