bad idea or good one?

[Alan]

ddeenis,

You say you can now afford 1,500/month and your house is worth 125,000.

I was in a similar situation 8 years and decided to simply invest the money I was putting into a mortgage.

Some very simple rough math, $18000/year at 8%/year will give you a nest eagg of $1M at age 63 (you are 41 now). If your house appreciates at 4% / year it will be worth $285K - not a bad little haul and much lower risk than borrowing against your house. If things go wrong like losing your job or ill health you can stop investing 1,500/month and not worry having a loan to pay back.

 

[ddeennis]

Try this on paper----you can double your money in a mere 3 years if you make 30% a year. Why not do that?

ha ha what a smart ass. 10% is not far reality 30% is. duh

 

[ddeennis]

ddeenis,

You say you can now afford 1,500/month and your house is worth 125,000.

I was in a similar situation 8 years and decided to simply invest the money I was putting into a mortgage.

Some very simple rough math, $18000/year at 8%/year will give you a nest eagg of $1M at age 63 (you are 41 now). If your house appreciates at 4% / year it will be worth $285K - not a bad little haul and much lower risk than borrowing against your house. If things go wrong like losing your job or ill health you can stop investing 1,500/month and not worry having a loan to pay back.

it looks like i will go the route of using my extra money to get it rolling, im not finding a lot of info from where people have used there house to make more money so i will continue to look at my extra money to invest.

 

[RetireeRobert]

ha ha what a smart ass. 10% is not far reality 30% is. duh

Do you always call names and kick in the shins those who proffer advice YOU asked for?

 

[ddeennis]

Do you always call names and kick in the shins those who proffer advice YOU asked for?

only the ones who are jerks. besides it wasnt advice he was just being a jerk i have no problems letting them know about it. those are the folks who just try to stir crap up anysways just like the ones calling me a troll so go beat on there statements and not mine...................

 

[Martha]

Settle down folks.

 

[Zipper]

A paid off house is peace of mind.

You and your advisor don't really know what the markets are going to do.

He could end up making more money on your stash than you do.

 

[RetireeRobert]

only the ones who are jerks. besides it wasnt advice he was just being a jerk i have no problems letting them know about it. those are the folks who just try to stir crap up anysways just like the ones calling me a troll so go beat on there statements and not mine...................

So sorry ddennis I offered you the wrong advice. It seems you have taken great offense at my response to your queries, and I sure did not mean to offend. Anyway, you seem to have settled on a course of action in relation to your original questions, so I withdraw my advice, and hope the offense you have taken is short-lived.

Have a good one.

 

[Sandy]

ddeennis

It seems your mind was made up before you posted your question. The general consensus has been: proceed with care, your plan is high risk and you could find yourself without a home or investments.

The majority who post here got here the old fashioned way: slow and steady wins the race. It is a lesson you could benefit from, but do not want to hear, while you toss insults to make your ill-conceived argument seem sounder.

In the future, you would be wise to withhold your questions if you do not want to hear the answers.

 

[donheff]

and whats the deal with the comment on the troll, what the hell im just getting advice looking stuff up and trying to open my eyes some since like most folks wait to long to think about retirement. im not here to start crap just the average joe looking for honest answers or opinions ...........gee

I questioned whether you were posting a troll because of your glowing enthusiasm for the advice you expect to get when you find a financial adviser. No one else reacted but around here that is a provocative thought. Unless, of course, you plan to engage FinanceDude - he garnered our trust the old fashioned way, he earned it.

 

[FinanceDude]

ha ha what a smart ass. 10% is not far reality 30% is. duh

He was being facetious..........