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How old were you when you paid off your home?

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    #16
    I don't think age should matter or be a metric of comparison (too many variables) as long as one of two things happen: Your home is paid off by the time you start retirement; or, you have saved and planned so much that renting or paying a mortgage in retirement doesn't cause a hardship with your total projected retirement savings.

    My home is paid for and I'm 37. It's a long story that involved taking a little risk and enjoying some dumb luck - bought a short sale with our last dime to afford on housing, owned it for 6 years and the value increased 90%. Husband got a job offer in a much lower cost of living area, so we sold the house, moved, and were able to pay cash for a new house with the equity--in the middle of the country.

    While I concur that being mortgage-free is a wonderful feeling, it should be tempered and viewed in the context of one's own goals. Knowing what I do now and having had the experience of moving for work to an area where I never really desired to live (and don't want to be, long-term), I would be 100% okay with having a mortgage again with a goal of paying it off before retirement, if I lived somewhere I loved. I place a very high importance on enjoying youthful earning years (35-65) versus scrimping every penny and putting off the lion's share of fun and enjoyment until retirement. That's my $0.02.

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      #17
      Ill be 50 when its paid off...so another 13 years. We were fortunate enough to have 0% interest mortgage...so no rush to pay it off.

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        #18
        Originally posted by rennigade View Post
        Ill be 50 when its paid off...so another 13 years. We were fortunate enough to have 0% interest mortgage...so no rush to pay it off.
        How did you get a 0% mortgage? Was it a personal loan from family?
        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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          #19
          Originally posted by disneysteve View Post

          How did you get a 0% mortgage? Was it a personal loan from family?
          Foreign countries in the EU were offering these, but I never heard of it in the US.
          Unless like you said, it's a private lender

          Brian

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            #20
            ^^
            Had a deal with the father in law I believe.

            Typically a loan needs to have interest but maybe this arrangement was different and avoided that.

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              #21
              *Technically* I just paid it off.... but only because i refinanced so now I've just started a whole new 30 year clock! But at least I got my interest rate down over 1.5% and probably in a few years I'll start making extra payments to work toward paying it off early. My only goal will be to have the mortgage paid off before I retire, but I don't expect to retire for at LEAST 20 more years

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