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#81 |
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Recycles dryer sheets
![]() ![]() ![]() ![]() Join Date: Sep 2006
Posts: 460
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#82 |
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ... ![]() ![]() ![]() ![]() ![]() ![]() ![]() Join Date: Jul 2003
Location: north of Kansas City
Posts: 5,554
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Sooo - I take it nobody is telling me to exactly time the housing bottom - buy a house with a humongous mortgage - live in it two years while I do Roth conversions - then sell and downsize with the profits.
Still with the rent idea - in fact though I don't do it. ![]() heh heh heh - this is a fun thread - even though I bought a small house(aka the right size) post Katrina with a 30 yr fixed - cause I couldn't find a rental I liked. ![]() |
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#83 | |
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Moderator
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Location: New Orleans
Posts: 6,080
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Quote:
But I might end up buying right off the bat, because most rentals don't really knock my socks off. And gosh - - I can buy a house with everything I want or need for nearly nothing. Resale in Springfield could be a huge problem, though, if we ended up having second thoughts about moving there.
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Dreaming of retirement.... " - - my greatest skill has been to want but little - - " (Henry David Thoreau, in Walden) |
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#84 |
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Thinks s/he gets paid by the post
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I had an interesting discussion with a friend of mine today on this. He is 62 and ready to retire but he is still uncertain. He works for a small company and a large part of his income comes from his annual bonus based on the company's profits. He is expecting a large bonus this year and was wondering about if he should pay off his mortgage. He has 55% equity and the rate is 5.5%. I said that I assume he has built up a wad of cash to retire next year so 5.5% is a pretty good deal so if I was him that is what I would consider doing.
He will probably pay off his mortgage but for quite a different reason. He has no wad of cash as his wife always finds ways to spend it so paying off the mortgage will keep it out of her hands. He said if an emergency came up he could always borrow against the house later - cash reserves were not an option with his wifeThey are a lovely couple, married 35 years with 2 sons and 4 grandchildren but obviously quite different views on money. She has been a teacher all her working life and will retire with a pension, and he will have 401(k) money from his company plus SS so they are going to be fine. DW and I are so fortunate that our views on money are so similar. I thought I would share this as a different reason for paying off the mortgage.
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