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View Poll Results: Whats your mortgage status?
Rent 7 4.93%
Not retired yet, no mortgage 35 24.65%
Not retired yet, mortgage 16 11.27%
Not retired yet, mortgage, going to get rid of it before retiring 37 26.06%
Retired, with mortgage 21 14.79%
Retired, no mortgage 25 17.61%
Not retired yet, going to get rid of house and rent 1 0.70%
Retired, going to get rid of house and rent 0 0%
Voters: 142. You may not vote on this poll

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Re: I had to try out this poll thing...Mortgages
Old 02-17-2006, 01:52 PM   #21
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Re: I had to try out this poll thing...Mortgages

I own, but don't intend to live where I am in retirement, and will probably live somewhere else in between now and retirement, depending on my status. I am single now, but don't intend to be forever.

I owe about $230K on my townhouse, estimated value = $600K (good DC market). My goal if/when I get married is to have my SO live in it for 2 years so we can use the $500K tax exemption before we sell and move to a house.

And there's a possibility we may buy my SO's parents' current house when they move to their new one, which they are currently renovating. So who knows what will happen with that...
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Re: I had to try out this poll thing...Mortgages
Old 02-17-2006, 04:35 PM   #22
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Re: I had to try out this poll thing...Mortgages

T-2 with:

$20k owed on $285k residence (I'll write a check to pay 'er off when it's down to T-0)

$130k owed on $200k townhouse rental (good tennants there, daughter & granddaughter)

dc
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Re: I had to try out this poll thing...Mortgages
Old 02-17-2006, 06:21 PM   #23
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Re: I had to try out this poll thing...Mortgages

Retiring in 11 days, mortgage gone bye bye. Staying put in home.
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Re: I had to try out this poll thing...Mortgages
Old 02-17-2006, 06:35 PM   #24
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Re: I had to try out this poll thing...Mortgages

Haven't had a mortgage since 2001. Current home value is approx. $500K.
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Re: I had to try out this poll thing...Mortgages
Old 02-17-2006, 06:47 PM   #25
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Re: I had to try out this poll thing...Mortgages

Quote:
Originally Posted by yakers
Not retired yet, but soon enough. Own home, no mortgage, no debt--none, nope, nein, nix, neyt...

I understand the theory that there are reasonable places for debt in the financial world, they are just not for me, call it a character flaw (not being able to distinguish an investment from a debt) but not owing any form of money just works for me.
Ditto...paid off mortgage in spring of 2002.
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Re: I had to try out this poll thing...Mortgages
Old 02-17-2006, 07:47 PM   #26
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Re: I had to try out this poll thing...Mortgages

Quote:
Originally Posted by yakers
Not retired yet, but soon enough. Own home, no mortgage, no debt--none, nope, nein, nix, neyt...

I understand the theory that there are reasonable places for debt in the financial world, they are just not for me, call it a character flaw (not being able to distinguish an investment from a debt) but not owing any form of money just works for me.
Same here too.* Current value of house is ~ 1.4M* I consider it an inflation hedge waiting for a reverse mortgage if I run out of other assets.
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Re: I had to try out this poll thing...Mortgages
Old 02-17-2006, 07:52 PM   #27
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Re: I had to try out this poll thing...Mortgages

I paid off the mortgage two years ago, it was one of my goals. I am now debt free after paying off a business loan I took out 5 years ago. From here on in it's all going to FIRE.
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Re: I had to try out this poll thing...Mortgages
Old 02-17-2006, 09:23 PM   #28
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Re: I had to try out this poll thing...Mortgages

So far (89 responses) I'm quite surprised at the high % of people who are still accumulating and dont have a mortgage.
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Re: I had to try out this poll thing...Mortgages
Old 02-17-2006, 11:20 PM   #29
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Re: I had to try out this poll thing...Mortgages

Interesting, after 91 votes:

Of those who have not retired, 43 (83%) either have no mortgage or plan to pay it off before retirement. Only 9 have a mortgage and do not indicate a desire to pay it off in retirement.

But of those retired, only a minority of 15 (47%) have not kept their mortgage.

Speculations about the reasons for this dramatic difference?
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Re: I had to try out this poll thing...Mortgages
Old 02-17-2006, 11:50 PM   #30
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Re: I had to try out this poll thing...Mortgages

I am 57 and still owe almost 72K on my HELOC but my house is worth almost 400K. My HELOC is going up with prime so is 6.5% now. I wish I could pay it off but all my money is tied up in 401K and IRA so I can only pay a few dollars maybe 5K a year if everything goes right less if things go wrong.
I hate having a house payment even if it is interest only but they raised the price of 401K to 20K a year and the IRA cost 5K for those of us over 50. I just don't earn enough money to pay the mortgage.
When I retire I might get a cheaper house that is paid for and then I won't have to save for retirement any more so if I do any work at all I can spend all the money.
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Re: I had to try out this poll thing...Mortgages
Old 02-18-2006, 04:41 AM   #31
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Re: I had to try out this poll thing...Mortgages

7 YEARS LEFT ON A 10 YEAR 5% LOAN. Balance $195000.* on aprox. 950k value. Would you take from market to pay off loan and then invest again or stretch 5% money as long as possible.I see both arguments and don't know who is right. Either way, after kids are out of school in 5 years, I want to sell and travel the US in my diesel motorhome.
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Re: I had to try out this poll thing...Mortgages
Old 02-18-2006, 07:09 AM   #32
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Re: I had to try out this poll thing...Mortgages

We will be done by June at the latest with mortgage. No other debt.

The last 3.5 workplace years will be spent figuring out how to manage our money in retirement and optimizing our savings, minimizing taxes etc. We'll be 55, kids on their own.
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Re: I had to try out this poll thing...Mortgages
Old 02-18-2006, 08:11 AM   #33
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Re: I had to try out this poll thing...Mortgages

43, no mortgage on a 210K house (that's right, I don't live in California or near the water) and no debts. Property taxes on my house are a whopping $750/year . I see many of you snagged some great mortgage rates. Nothing wrong with that. I am just one of those that don't like debt.
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Re: I had to try out this poll thing...Mortgages
Old 02-18-2006, 08:37 AM   #34
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Re: I had to try out this poll thing...Mortgages

Paid off mortgage in 1999 in time for first of 2 children going to college so didn't feel the benefit until 4 years later. After daughter (now graduated, married and working) moved into a nice apartment we were so impressed by the place that we decided to do the same thing when we retired. However, DW had us run the numbers and what with property taxes, maintenance, insurance, etc etc plus the general aggravation of maintaining a home we dedided to sell up and rent and we really enjoy it. (It has been well over years).
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Re: I had to try out this poll thing...Mortgages
Old 02-18-2006, 10:33 AM   #35
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Re: I had to try out this poll thing...Mortgages

I have a mortgage of 90k on a 550k home and plan to pay it off before retiring in three years.
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Re: I had to try out this poll thing...Mortgages
Old 02-18-2006, 10:51 AM   #36
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Re: I had to try out this poll thing...Mortgages

Quote:
Originally Posted by ((^+^)) SG
Speculations about the reasons for this dramatic difference?
yeah. We dont have enough votes yet. Right now the majority in retirement dont have a mort.

If that holds fixed, speculation (and believe me, we'll get to that...i'm about to go into full marketing mode here):

- People preparing for retirement view (right or wrong) that having a mortgage is an inhibitor to getting to an ER goal, is an inhibitor of some kind on their current life style or life strategy. Or that the investment in their home is a better one than they think they'll get from stocks/bonds/whatever.

- People in retirement got there suddenly, say from a big stock option grant or a huge inheritance, or five big bags of money fell out of the armored car in front of them. They're still carrying their working life mortgage and havent done anything about it.

- People in retirement have such huge gazoodles of cash that a six figure mortgage isnt worth thinking about

- The people who have responded have a nearly 50/50 split between their emotional feelings about large lumps of debt

- The people who have responded have a nearly 50/50 split between their financial feelings about arbing debt

- Statistically insignificant group of people has given us completely unrelated results

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Re: I had to try out this poll thing...Mortgages
Old 02-18-2006, 06:03 PM   #37
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Re: I had to try out this poll thing...Mortgages

paid off the mortgage in early 80's when rates were ~20%. Never looked back, wouldn't take one at 0.5% for 100 years.

Freedom is good
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Re: I had to try out this poll thing...Mortgages
Old 02-18-2006, 07:47 PM   #38
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Re: I had to try out this poll thing...Mortgages

Quote:
Originally Posted by kumquat
paid off the mortgage in early 80's when rates were ~20%.* Never looked back,* wouldn't take one at 0.5% for 100 years.

Freedom is good
Freedom's just another word
for nothin' left to lose. . .


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