Is it still OK to have a mortgage burning party?

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Grizz

Recycles dryer sheets
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I'm 38, DW is 33. We're on a bit of a buzz since our recreational lake lot was paid off two weeks ago and the mortgage on our home is going to be paid off this week.

Is it OK to revitalize what is an old fashioned custom by throwing a mortgage burning party? Sitting Pretty: Mortgage-Burning Party

We thought that it would be great fun but since these parties aren't really in vogue these days we aren't sure if having a mortgage burning party might be misunderstood and viewed as showing off or cause jealousy in friends who are older than us and who are still sitting on 6 figure mortgages.

We have squirrelled away money for years to do this, it feels great, and we'd like to celebrate reaching our big milestone with friends, but we'd much rather keep it to ourselves if it could mean hard feelings. Any thoughts?
 
CONGRATULATIONS on this terrific accomplishment!!! You have every right to feel like celebrating.

I don't have an answer to your question. I can understand why you are concerned about your friends' feelings. Personally, I just had a celebratory dinner out with Frank and skipped the mortgage burning. On the other hand, you have every right to celebrate and your friends can always turn down the invitation, I suppose.
 
Grizz said:
I'm 38, DW is 33. We're on a bit of a buzz since our recreational lake lot was paid off two weeks ago and the mortgage on our home is going to be paid off this week.

Is it OK to revitalize what is an old fashioned custom by throwing a mortgage burning party?
Click to expand...


Hey, any excuse for a party is a good reason. Paying off a mortgage is a real accomplishment that deserves to be celebrated.

As to jealosy, or ill-feelings, perhaps. Depends how well you know the friends you might invite. Perhaps this celebration might be better a more intimate one with just you and DW. And maybe a few close friends you know well enough to know they won't be jealous, but rather envious in a positive manner.
 
I can understand the sentiment - I'll pay mine off in 13 months.

But I wouldn't do it, not because I'd worry about my friends potential bad feelings or jealousy, rather I'd be afraid it would come across as so much bragging.


edited to add: Congratulations, by the way!
 
I think it is ok, I had a small party when I did it years ago. But I was a bit worried about bragging.

I think now days it is far more cool to celebrate winning the refi game, by driving the brand to new Lexus to airport for the two month round the world cruise courtesy of your friendly banker. :)
 
When we paid off our mortgage, I sure considered a mortgage burning party. We didn't do it though. Kinda' wish I had now. The significance of it passed without much notice or memory. Sad, for it's truly a big event. The trouble though is by the time you pay it off, the monthly payment isn't nearly as significant as when you first got the loan. Still...
 
You probably know which friends would be sincerely happy for you. I'd invite that bunch and have a ball. If they ask if they can bring anything, tell them a match!

Congrats to you!
 
Any excuse for a party is a reason to party.

Someone is born- throw a party
Someone dies- throw a party
Pay off mortgage- throw a party

Consider that people throw parties when a loved one dies, the animosity towards a person paying off their mortgage would be greater (yet everyone is alive and healthy).

Who cares what others think. You can always make new friends.

Of course my wife would probably disagree with my attitude on most of above. If you think friendships would be strained, then those people are not good friends, or you should sit and have a heart to heart with them prior to the party.

congrats!
 
I'd say "no," because some people will interpret it as bragging.
 
I'm thinking about a refi party.....................
 
I would have the Mortgage Burning Party. (Just make sure you have the ceremonial ignition outdoors. It would be sad to burn down a fully paid off home.)

I would invite everyone. You are to be congratulated on your emancipation from financial serfdom and you are an example to others to get to this milestone.
 
I would have it. I reget not having one when we paid off ours. People here reconize how important this event is. It's a milestone & you don't get that many in your lifetime.
 
Well, would you throw a 'I reached $X Net Worth' party, or would you feel like you were bragging?

But that is really all you are doing with a 'I paid off the mortgage' party. I'd probably skip it, unless the attendees were also in the process of paying off their mortgage, saw it as a goal, and your accomplishment inspired them.

Else, it seems like bragging to me.

-ERD50
 
RetireeRobert said:
Paying off a mortgage is a real accomplishment that deserves to be celebrated.... [But p]erhaps this celebration might be better a more intimate one with just you and DW.
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I agree with both of the above points.

While friends might enjoy your success, perhaps they might privately envy (or even resent) you ... why take the chance of hurting their feelings, or harming the relationship?

There's no real need to invite anyone else: you well know the significance of your achievement, and surely you don't need a cast of supporters to drive that point home.

But do celebrate privately!
 
Unwritten rule of modern life: One can only brag of being profligate.
 
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.
 
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!
 
No one seems to be concerned about the environmental impact of such an irresponsible incineration. :D Recycle!
 
Speaking of mortgages and such, does anyone have a mortgage button?

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.
Click to expand...
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.
 
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