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  • Originally posted by james.hendrickson View Post
    A lot of people never get their loans paid off.
    Many people don't stay in one home long enough to pay off the mortgage. They just sell the place and then take out a new mortgage on the next house.

    Also, the percentage of older people and retirees still carrying a mortgage has been steadily climbing. I'm sure many of them will still owe money when they die.

    Of course, that isn't always a bad thing depending on the situation. For example, I have a relative who is 64. He retired at 55 and he does still have a mortgage as he moved to Florida in a brand new home after retiring. But his retirement income is more than sufficient to support the loan so there's no big advantage to him paying it off. And if by chance he dies still owing some money, it will just get paid when the house is sold and his estate is settled.
    Steve

    * Despite the high cost of living, it remains very popular.
    * Why should I pay for my daughter's education when she already knows everything?
    * There are no shortcuts to anywhere worth going.

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    • Originally posted by james.hendrickson View Post

      Greens - still, thats pretty good. A lot of people never get their loans paid off.
      I'm 39, so worse case the mortgage is gone at age 47
      Gunga galunga...gunga -- gunga galunga.

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      • Originally posted by greenskeeper View Post

        I'm 39, so worse case the mortgage is gone at age 47
        That's great. My wife and I will be 55 which is still fine by me.
        Steve

        * Despite the high cost of living, it remains very popular.
        * Why should I pay for my daughter's education when she already knows everything?
        * There are no shortcuts to anywhere worth going.

        Comment


        • So my parents just recently paid off their mortgage, they ended up moving into a retirement/in-law cottage on their property and letting my younger brother move into the main house. This is a sweet deal for my younger brother because he can basically live without any major housing costs. He still needs to maintain the house, which is expensive enough, but he doesn't have a mortgage payment or a rental payment. Its pretty important for him because he's got a kid on the way and his partner isn't working in the labor force. The fact that they don't have to cover housing means they'll have more resources for their retirement, their kids education, they can get better quality food, fund healthcare, etc.

          So, where I'm going here is this: paying off your mortgage can have beneficial effects are inter-generational.
          Last edited by james.hendrickson; 06-02-2019, 05:08 PM.
          james.c.hendrickson@gmail.com
          202.468.6043

          Comment


          • Originally posted by james.hendrickson View Post
            So my parents just recently paid off their mortgage, they ended up moving into a retirement/in-law cottage on their property and letting my younger brother move into the main house. This is a sweet deal for my younger brother because he can basically live without any major housing costs. He still needs to maintain the house, which is expensive enough, but he doesn't have a mortgage payment or a rental payment. Its pretty important for him because he's got a kid on the way and his partner isn't working in the labor force. The fact that they don't have to cover housing means they'll have more resources for their retirement, their kids education, they can get better quality food, fund healthcare, etc.

            So, where I'm going here is this: paying off your mortgage can have beneficial effects are inter-generational.
            So right. And we who are paying off our own house deserves a lot of credit for it.

            We are not just paying a house, we are creating a stronghold, a fortress, a citadel, a baluarte. I would do enter in my will that future generations can use my baluarte but not sell only if they have an account that they grow dedicated to mortgage downpayment and no more than a period of 8 year stay for each.
            Kill the debt, before it kills you!

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            • Originally posted by disneysteve View Post

              Many people don't stay in one home long enough to pay off the mortgage. They just sell the place and then take out a new mortgage on the next house.

              Also, the percentage of older people and retirees still carrying a mortgage has been steadily climbing. I'm sure many of them will still owe money when they die.
              There is also an addiction to save for many people (just a guess). The thrill of seeing their account (be it savings or market) go up over time pulls them from paying off their mortgage. You see these kinds of people everytime. Most likely, they are the ones who have aversion to pay off the mortgage.

              There are many articles out there of people crying that their house is about to foreclose or they do not have enough monthly income to pay their mortgage and yet in the same article, they would have this account saved up in the hundreds of thousands to millions.

              Kill the debt, before it kills you!

              Comment


              • Well I am still a long ways from having my Mortgage paid off. I am making slow progress to get it paid down. I am already 6 years into what was originally a 25 year mortgage. Still have 12 years, and 37 weeks left to go. So the extra payments are slow reducing the debt.

                This last extra payment was a little less than half of my regular mortgage payment, so knocked one week, almost 2 weeks off(as 2/3 of regular payment goes to reduce principle owed, the rest is interest and insurance costs).

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                • Originally posted by disneysteve View Post

                  June payment made.

                  New balance $5,329.66

                  I'm hoping to pay it off with the August payment. I may have to pull a bit out of savings to do that. It depends on how some upcoming expenses turn out.
                  I am so jealous Disneysteve. I am still well over 100k left on my mortgage, and will realistically it will be 8 to 10 years from now before I will have this darn thing paid off. When I have about 10k left I will likely lose self control and pay it off in full.

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                  • I'm jealous I am still trying to get a mortgage...we need a $30,000 deposit for a $300,000 house (not that we want that much) and that is only 3%...its so hard over here doing that, having several chronic illnesses and paying rent...but we are determined

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                    • Originally posted by mumof2 View Post
                      we need a $30,000 deposit for a $300,000 house (not that we want that much) and that is only 3%
                      How is 30K only 3% of 300K?

                      Steve

                      * Despite the high cost of living, it remains very popular.
                      * Why should I pay for my daughter's education when she already knows everything?
                      * There are no shortcuts to anywhere worth going.

                      Comment


                      • I just made our July payment as we're heading out of town tomorrow and I don't want to have to worry about it while we're away.

                        We have had some large one-time expenses with a couple more on the way so I decided to trim back this month. I only paid an extra $657 principal, $1,000 less than last month. Once we settle all of the other bills, we'll probably have a chunk of money left over. If so, I'll just make a bigger payment to pay it off next month. If not, we may not make the final payoff until September but I don't think it should be any later than that.
                        Steve

                        * Despite the high cost of living, it remains very popular.
                        * Why should I pay for my daughter's education when she already knows everything?
                        * There are no shortcuts to anywhere worth going.

                        Comment


                        • disney steve..houses over here are around $300,000 and a minimum 3% deposit is required which is $10,000 but the fees on top of that total more than $20,000 and you have to have that at the same time you get your morg...its frustrating most people pay such high rents and saving 10,000 is doable...30,000 is so much harder but we will get there

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                          • Originally posted by mumof2 View Post
                            disney steve..houses over here are around $300,000 and a minimum 3% deposit is required which is $10,000 but the fees on top of that total more than $20,000 and you have to have that at the same time you get your morg...its frustrating most people pay such high rents and saving 10,000 is doable...30,000 is so much harder but we will get there
                            Sorry, I missed that you weren't in the US.
                            Steve

                            * Despite the high cost of living, it remains very popular.
                            * Why should I pay for my daughter's education when she already knows everything?
                            * There are no shortcuts to anywhere worth going.

                            Comment


                            • Originally posted by disneysteve View Post
                              I just made our July payment as we're heading out of town tomorrow and I don't want to have to worry about it while we're away.
                              New balance is $4,032.03.
                              Steve

                              * Despite the high cost of living, it remains very popular.
                              * Why should I pay for my daughter's education when she already knows everything?
                              * There are no shortcuts to anywhere worth going.

                              Comment


                              • Originally posted by disneysteve View Post

                                New balance is $4,032.03.
                                oh man, thats so close.
                                james.c.hendrickson@gmail.com
                                202.468.6043

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