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11-22-2019, 03:30 PM
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#41
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Recycles dryer sheets
Join Date: Jun 2016
Location: Kaneohe
Posts: 376
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Yes, congrats! Our mortgage-burning party is in mid-January. A nice feat here in Hawaii!
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11-22-2019, 04:00 PM
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#42
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Recycles dryer sheets
Join Date: Dec 2017
Posts: 219
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We paid our house off in 2011 and then used savings and our mortgage payment to get our kids through school debt free. Now the kids are off the payroll and we are saving and traveling. As my husband says, as long as we pay our property taxes (which are low here in California since we have owned our house for 25 years), no one can ever take away our house!
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11-22-2019, 04:33 PM
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#43
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2013
Location: Limerick
Posts: 5,655
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 Quote:
Originally Posted by samcat
no one can ever take away our house!
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Well, almost nobody. Make sure you have umbrella insurance for those nasty lawsuits.
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11-22-2019, 04:34 PM
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#44
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Recycles dryer sheets
Join Date: Dec 2017
Posts: 219
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Quote:
Originally Posted by Dash man
Well, almost nobody. Make sure you have umbrella insurance for those nasty lawsuits.
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We do and I seem to think houses are not included in lawsuits but not sure about that.
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11-22-2019, 05:10 PM
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#45
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Administrator
Join Date: Apr 2006
Posts: 23,038
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Quote:
Originally Posted by samcat
We do and I seem to think houses are not included in lawsuits but not sure about that.
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Not quite true. If someone sues and wins a judgment against you, they become your creditor and will try to collect on that judgment by executing on any or all of your assets. A homestead exemption protects some or all of the equity in your home against that effort. Homestead exemption amounts vary by state. Here is a discussion of the California homestead exemption. https://www.nolo.com/legal-encyclope...exemption.html
__________________
Living an analog life in the Digital Age.
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11-22-2019, 05:30 PM
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#46
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2016
Posts: 9,521
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Congratulations on paying your loan off.
I haven't had a mortgage for 33 years. I built my home and a few years later just paid it off. I did add on and have done some improvements but always paid cash for that. I was around 28 years old when I paid it off and I haven't had a mortgage since then.
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11-22-2019, 06:28 PM
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#47
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Moderator
Join Date: Jul 2017
Posts: 5,775
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Quote:
Originally Posted by samcat
We paid our house off in 2011 and then used savings and our mortgage payment to get our kids through school debt free. Now the kids are off the payroll and we are saving and traveling. As my husband says, as long as we pay our property taxes (which are low here in California since we have owned our house for 25 years), no one can ever take away our house!
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Yes, we paid off our house early and then put that money towards the kids tuitions. (But I can't say we have low property taxes.)
__________________
Use it up, wear it out, make it do or do without.
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11-22-2019, 06:29 PM
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#48
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Moderator
Join Date: Jul 2017
Posts: 5,775
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Quote:
Originally Posted by street
Congratulations on paying your loan off.
I haven't had a mortgage for 33 years. I built my home and a few years later just paid it off. I did add on and have done some improvements but always paid cash for that. I was around 28 years old when I paid it off and I haven't had a mortgage since then.
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Very impressive. We hadn't even bought our house at that age, never mind having it paid off!
__________________
Use it up, wear it out, make it do or do without.
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11-23-2019, 09:29 AM
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#49
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Recycles dryer sheets
Join Date: Jan 2017
Posts: 144
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I would rather be mortgage debt free and sleep at night. Next market correction I will yawn, roll over, and sleep an extra 30 minutes.
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11-24-2019, 06:13 AM
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#50
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Recycles dryer sheets
Join Date: May 2011
Location: Salem
Posts: 91
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+1
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11-24-2019, 06:49 AM
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#51
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Nov 2016
Posts: 9,521
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^ Mortgages are just a reality in life but IMO the sooner you can pay them off the better. I can have better production when I can control where and what to do with my money.
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