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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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                #22
                Paid off when I was 31 (2018).

                ***Note - I was exceptionally lucky and bought 12/2010. Got the house for $75,000, thankfully it's nearly worth $200k these days (*and after all work I've done to the home). I can't stress how fortunate I was with timing, not that I didn't work hard to accelerate payments, invest, and save accordingly. (and having 3 roommates for the 1st 5 years helped a TON!!!! it used to be quite the party house back in the day )

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                  #23
                  Surprised more comments aren't focused on how much you will need in retirement vs where you're at and what your short term goals are. Are you maxing your 401k/roth options? Are you on track for when you plan to retire? How old are you now vs when your rental will be paid and is that cash flow part of your strategy for retirement? Paying off debt, particularly mortgages and at today's interest rates is an emotional decision at today's rates. For me personally, I'm somewhere in the middle. At 34 my goal is to maximize retirement contributions (I'm not at the max and never will be) and also to have my rentals paid off in 8 years. At 2.75% interest paying off my primary is not a priority but I'm also not planning to stay here in retirement, while my rentals are part of my retirement income plan hence getting them paid off. If, for you, staying in your primary home is part of your retirement plans, getting it paid off may be more of a priority. At some point (SOON) my rentals will cash flow more than I need for my early retirement goals and paying off the mortgages will just be added spending/saving. At that point, I'll consider myself free to leave my corporate job when needed and my 401k/roth will have another 30 years to grow while I enjoy early retirement.

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