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Last mortgage check in the mail
Old 07-19-2013, 09:46 AM   #1
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Last mortgage check in the mail

I used to think that I couldn't or wouldn't retire before my mortgage was paid off. Of course that's one of those nonsense arbitrary numerical milestones we erect when we plan or think about ER. I eventually used my 55th birthday for my ER date. However, 2.5 yrs later, is still is sweet to send off the last mortgage check. We bought one house and have lived here 30 yrs just like we w*rked for one employer for 30 yrs. Both of those were factors in our being able to ER.
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Old 07-19-2013, 10:02 AM   #2
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I used to think that I couldn't or wouldn't retire before my mortgage was paid off. Of course that's one of those nonsense arbitrary numerical milestones we erect when we plan or think about ER. I eventually used my 55th birthday for my ER date. However, 2.5 yrs later, is still is sweet to send off the last mortgage check. We bought one house and have lived here 30 yrs just like we w*rked for one employer for 30 yrs. Both of those were factors in our being able to ER.
Congratulations -- that $X per month on the mortgage is now $X per month less that you need to live on in retirement. And with the graduated income tax and the coming PPACA exchange/subsidy mechanism (if one doesn't have employer-provided retiree insurance), preparing for retirement by reducing your income needs becomes almost as important as increasing your income available in some cases.
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Old 07-19-2013, 10:16 AM   #3
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Congratulations!! That's a real accomplishment. I'm looking forward to that same feeling in a few years.
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Old 07-19-2013, 10:34 AM   #4
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I used to think that I couldn't or wouldn't retire before my mortgage was paid off. Of course that's one of those nonsense arbitrary numerical milestones we erect when we plan or think about ER. I eventually used my 55th birthday for my ER date. However, 2.5 yrs later, is still is sweet to send off the last mortgage check. We bought one house and have lived here 30 yrs just like we w*rked for one employer for 30 yrs. Both of those were factors in our being able to ER.
Congratulations. And, everything you wrote in your post is impressive (and has a really good feeling to it).
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Old 07-19-2013, 10:36 AM   #5
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Congratulations! I felt the same way about not wanting to retire while I had a mortgage. It's somewhat arbitrary, but it feels great to have so much lower expenses before you give up the paycheck. You will sleep very well at nights being mortgage free!
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Old 07-19-2013, 10:39 AM   #6
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Congrats Marty! I know how it feels. I've been mortgage free for almost twelve years but high property taxes(12K/yr) makes me feel like I'm renting my own place.

New Loan 8/11/1998 - 207K
PAID in FULL 8/24/2001 - Last payment was 12.5K
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Old 07-19-2013, 10:56 AM   #7
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Woo-hoo!!

What a huge difference that can make in one's expenses! Congratulations.
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Old 07-19-2013, 11:13 AM   #8
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Congrats Marty! I know how it feels. I've been mortgage free for almost twelve years but high property taxes(12K/yr) makes me feel like I'm renting my own place.
I guess I should also mention that I live in CA. Prop 13 has kept my property taxes down. Another good reason to stay in the same place for 30 yrs.
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Old 07-19-2013, 11:17 AM   #9
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What a huge difference that can make in one's expenses! Congratulations.
There is a flip side to owning the same place for 30 yrs. The price of my home was $118k back in 1983. So while the mortgage was a significant amount it is still relatively small by today's standards. Still . . . it will be a nice boost.
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Old 07-19-2013, 11:47 AM   #10
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Paying off my mortgage back in 1998 after only 9 years was a big step toward my being to switch to working part-time 3 years later then ERing 7 years after that. I had a 1-year ARM and the interest rate was rising in the mid-1990s so I was glad to get rid of the whole loan and lower my monthly expenses. Use your newly "found" money well, Martyp!
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Old 07-19-2013, 12:30 PM   #11
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Got rid of mine a dozen yrs ago.
Great feeling. Its something you will never miss.
As far as the write off goes, that too is way over blown.
Congrats!
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Old 07-19-2013, 01:04 PM   #12
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Congratulations! I recently retired, paid off the mortgage, and started collecting a pension. If anyone bothers to ask, I would say that paying off the mortgage has made the biggest difference, percentage-wise, in peace of mind.
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Old 07-19-2013, 01:18 PM   #13
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Congratulations!

That must feel great!
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Old 07-19-2013, 01:23 PM   #14
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Congratulations! We hope to be there ourselves one day.
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Old 07-19-2013, 02:33 PM   #15
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Congratulations.
I hope to join you in the mortgage free club early next year when DH retires. (Or when I retire. Might do it sooner if I get laid off - use the lump sum severance to instantly reduce our expenses. (We have other cash flow that I'll divert from paying *down* the mortgage to living expenses if that happens.)
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Old 07-19-2013, 02:40 PM   #16
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Bravo!
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Old 07-19-2013, 02:54 PM   #17
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Congratulations! I love being debt-free and I am sure you will too.
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Old 07-19-2013, 07:28 PM   #18
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Congrats on your "new beginning--life without a mortgage"

Suggest you also make a reminder for yourself to confirm you receive (say 3 months from date of payment) from whoever actually holds your mortgage a formal "release of deed on trust" for your property. The release should have been also recorded with the county where the property is located. If the release does not show evidence of recording, I personally would send for recording myself.
With all the sale and resale of mortgage paper, many banks want to duck the effort to actually complete the re-transmittal of clear title.
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Old 07-19-2013, 07:33 PM   #19
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Don't it feel great? Wait til you get your release paper back. It will feel even better.
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Old 07-19-2013, 07:50 PM   #20
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Congrats on your "new beginning--life without a mortgage"

Suggest you also make a reminder for yourself to confirm you receive (say 3 months from date of payment) from whoever actually holds your mortgage a formal "release of deed on trust" for your property. The release should have been also recorded with the county where the property is located. If the release does not show evidence of recording, I personally would send for recording myself.
With all the sale and resale of mortgage paper, many banks want to duck the effort to actually complete the re-transmittal of clear title.
Nwsteve
Good advice. Thanks.
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