Did you pay off a mortgage at a reasonably young age and live mortgage free? How did that impact retirement?
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I'm another who wasn't in a position to buy a home until later in life...at age 49 to be exact. Fortunately, I bought in a HCOL area and my home value increased quite a bit in the 14 years I owned it. Allowed me to sell, take the profit and buy a really nice house in a really nice neighborhood with cash in a much lower COL area...which I LOVE! So, although I did not pay off my mortgage at a young age, it all ended up the same in retirement....no mortgage or rent to pay and property taxes and insurance are less than $200 a month...I feel like I won the lottery!
Owning property and paying off our mortgage early (15 year loans) was essential for us to retire early. Now we are spending our time traveling and searching for a spot to spend the last of our days. Total bliss
I learned about 15 year loans and amortization years ago. I haven't had a mortgage since my late 40's.
I closed on my 15-year loan in 2003, and then a 10 year loan at 2 7/8% on November 20, 2012. I accelerated payments and will be finished next December. I will be 63 3/4 then.
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