Is it still OK to have a mortgage burning party?

[clifp]

The more I think about it the more I say screw worrying about bragging have your mortgage burning party.

I and I suspect everybody on the board have been to countless house warming parties, which are a celebration of Joe and Susie owning a new piece of property. We get to admire their granite counter tubs, monster bathrooms, and cool entertainment center. In fact, I've even been to house remodel parties.

I don't begrudge anybody these parties, but the truth of the matter is for the vast majority of the parties, the bank is the real owner of these these things. For some of the folks with 100% loan, I as owner of GNMA bonds may have a better claim to owning their property than they do.

For years after I bought my houses (10% down some of which was borrowed from parents) people would ask do you own this house? and I would say well some but the bank owns most!

Somebody in the world has to start modeling sensible financial behavior and who better than board members.

[liveitup]

Congratulations on your house!It's a good feeling,having paid one off myself.

Personally,I would hold off on the party.I believe that it would create tensions between you and those who aren't in the same or better position.Some people will likely be jealous and that's bad if your friendship means anything.

There's a lot of two faced people in this world.They may pat you on the back and smile at the party,then walk away from you the next day.

I'm happy for you and I mean it!

[cantlogin]

No one seems to be concerned about the environmental impact of such an irresponsible incineration. Recycle!

[bow-tie]

Quote:

Originally Posted by cantlogin No one seems to be concerned about the environmental impact of such an irresponsible incineration. Recycle!

Excellent point.

Save a tree. Eat a beaver.

[Kronk]

Speaking of mortgages and such, does anyone have a mortgage button?

Quote:

Dating back to the mid-seventeenth century, the "mortgage button" is a long-standing New England tradition, which originated in Nantucket. When a home's mortgage was fully paid, a hole was drilled in the top of the staircase banister or newel. The mortgage was either rolled up and placed inside the hole, or burned and its ashes were placed within. A button, usually made of whalebone, was scrimshawed with the date and owner's initial and placed over the hole to seal its contents.

Four Winds Craft Guild / Mortgage buttons

We had thought about getting one when we paid off our mortgage, but at the time we couldn't find anyplace to buy one.

[RetireeRobert]

Quote:

Originally Posted by volga Just make sure you have the ceremonial ignition outdoors. It would be sad to burn down a fully paid off home.

[tightasadrum]

Oh come on, have your party, live it up. Smile 'til your face hurts. To paraphase Dr. Suess: Be who you are and say what you feel, because those who mind don't matter and those who matter don't mind.