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 03-07-2014, 03:28 PM
 
76 posts, read 156,670 times
Reputation: 88

Advertisements

We are about to semi-retire in 3 weeks. We sold our primary residence at a good profit and are moving to our mortage free vacation home in a nice resort community on the mid-atlantic coast. Just wondering how many semi or retired out there, still carry a mortgage? Sure everyones situation is different, but in general I would not feel good if I was still carrying that mortgage debt.
Just wondering what people think about this subject.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 03-07-2014, 05:24 PM
 
Location: Sierra Nevada Land, CA
9,301 posts, read 10,383,658 times
Reputation: 15822
IMO being debt free is important at any age.

The tax write off of a mortgage payment is not worth it. Spending $1000 to save $250 in income tax does not make financial sense, unless you are buying a house for an investment.

I plan to retire in three years and our house is paid off.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-07-2014, 05:58 PM
 
261 posts, read 262,509 times
Reputation: 568
We were mortgage-free before retirement which enabled us to stockpile more cash. I'm much more comfortable just handling our property taxes and HOA fees.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-07-2014, 06:25 PM
 
Location: SC
8,795 posts, read 6,505,747 times
Reputation: 12905
A mortgage is a savings killer. The sooner most are done with it the better. My life changed drastically when I paid mine off. But then I was making about 2 and a half times the required payment to get it paid off within 10 years. You will be shocked how much money you can save after.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-07-2014, 07:16 PM
 
Location: Columbia SC
11,733 posts, read 9,969,554 times
Reputation: 17243
I was shocked when a friend said that in their up scale, over 55 HOA, the foreclosure rate was about the same as the national average. The shock to me was that many older people are still carrying mortgages. I know some will say if one can afford it, not an issue. Some will say use other peoples money, etc. I said the same things when younger and had to have/needed debt.

Now I say the best course of action for older people (like myself) is to be debt free as few of us have the earning power we did when younger.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-07-2014, 07:40 PM
 
85,788 posts, read 83,279,730 times
Reputation: 61484
a little more than half of all retirees with homes have a mortgage in retirement. many because money is just so cheap now and they are doing better with their own money elsewhere.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-07-2014, 07:43 PM
 
Location: At the Lake (in Texas)
2,070 posts, read 2,167,784 times
Reputation: 5037
My lakehome will be paid off in 3 more years - I wouldn't be able to retire (financially) if that weren't the case.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-07-2014, 07:45 PM
 
Location: NE Mississippi
18,669 posts, read 10,988,876 times
Reputation: 26209
Quote:
Originally Posted by JWnova View Post
We are about to semi-retire in 3 weeks. We sold our primary residence at a good profit and are moving to our mortage free vacation home in a nice resort community on the mid-atlantic coast. Just wondering how many semi or retired out there, still carry a mortgage? Sure everyones situation is different, but in general I would not feel good if I was still carrying that mortgage debt.
Just wondering what people think about this subject.
We're debt free and retired.
We even own two rental homes with no mortgage.

I would not recommend carrying a mortgage. Things go "bump". But you already knew that......
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-07-2014, 08:33 PM
 
Location: Edina, MN, USA
7,387 posts, read 7,954,104 times
Reputation: 17288
I owe $3,000 and that will be paid off at the end of this month - I've saved years off the mortgage by paying more here and there.

The elephant will have left the room.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-07-2014, 08:51 PM
 
1,107 posts, read 2,050,768 times
Reputation: 1575
Yup. Mortgage free...because I rent.
Rate this post positively 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

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - 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, 36, 37 - Top