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.
I live in a high COL area where real estate is expensive. I am glad I paid off my mortgage early 3 years ago. When the stock market recovered enough post 2008 crash for me to realize significant gains in all of my non-retirement accounts, I decided to take some of my profits and pay off the house. I justified it by thinking I can't live in another stock and bond investment; but I can live in my house investment and continue to have that and other investments growing. Now that I am not working, I have no regrets.
As someone mentioned not one size fits all. Everyone's financial situation is different with a complex set of moving parts. I'm retired and have a mortgage and its a nice write off based on my particular unique financial situation. Its not as simple as yes or no to have a mortgage in retirement, you have to do a complete financial analysis to determine what is best for you.
As someone mentioned not one size fits all. Everyone's financial situation is different with a complex set of moving parts. I'm retired and have a mortgage and its a nice write off based on my particular unique financial situation. Its not as simple as yes or no to have a mortgage in retirement, you have to do a complete financial analysis to determine what is best for you.
Bada Bing. The key is to have a overall finial strategy/plan and have your behavior reflect it.
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.
That wasn't my experience but then my HELOC is about a dozen years aged. I'm about to apply for a HELOC again so I'll find out.
on the other hand even without the guarantees the market returned enough to buy multiple homes over the decades instead of just 1 with the same amount of money put in . . nothing is guaranteed , not even the fact you can still afford the real estate taxes on that paid off house .
retirees are seeing that in the tristate area. the 30-40k homes they bought 30-35 years ago which are now paid off have 12-16k in real estate taxes which make them unaffordable . the fact the mortgage is paid off does not represent even the utility bill they have today.
you never know how things will turn out either way .
WOW! Those are some high taxes! Which states are in this tristate area? Here I was complaining of paying less than 4K a year in my high COL area (The DMV area). If you have no need to live in the tristate, with tough winters, it makes a strong case for moving to a lower COL area and/or downsizing.
WOW! Those are some high taxes! Which states are in this tristate area? Here I was complaining of paying less than 4K a year in my high COL area (The DMV area). If you have no need to live in the tristate, with tough winters, it makes a strong case for moving to a lower COL area and/or downsizing.
That's what I was thinking. The house we sold In McLean - Fairfax County VA. Taxes a few years ago was about 7+ k. Now in VA Beach we pay about 5 k give or take (we are in a special tax district because of sand replenishment) so higher rate than most of VB.
WOW! Those are some high taxes! Which states are in this tristate area? Here I was complaining of paying less than 4K a year in my high COL area (The DMV area). If you have no need to live in the tristate, with tough winters, it makes a strong case for moving to a lower COL area and/or downsizing.
new jersey , new york , Connecticut make up the tristate area . but there are loads of compelling reasons for living here . kids and grand kids to name the most important for us .
new jersey , new york , Connecticut make up the tristate area . but there are loads of compelling reasons for living here . kids and grand kids to name the most important for us .
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.
No, you can't get a second mortgage unless you have a first mortgage, but you should be able to get a HELOC - Home Equity Line Of Credit - as long as you have equity in your home.
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.
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.
Which states are in this tristate area? Here I was complaining of paying less than 4K a year in my high COL area (The DMV area). If you have no need to live in the tristate, with tough winters, it makes a strong case for moving to a lower COL area and/or downsizing.
