50 and over. Have you paid off your house?

[Anonymous]

Whoops 14:45 here. Not quite 50 yet; mid 40s. Sorry didn't read carefully.

[Anonymous]

Anonymous wrote:I'm 52 and we will pay our off soon. Just 28 more years. And a few years after that, I should be ready to retire. The kids college? Uh, no.

I love you!

[Anonymous]

Yes, paid off when DH retired at 55 and I was 48, SAHM.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm 52 and we will pay our off soon. Just 28 more years. And a few years after that, I should be ready to retire. The kids college? Uh, no.

I love you!

+2

After repaying my hundreds of thousands of $ in loans against my retirement $ that we used to pay for my father's long-term care in the Alzheimer's unit.

[Anonymous]

Renting. I don't foresee ever being able to afford to buy in this area.

[Anonymous]

Anonymous wrote:no. about to refinance for 30 more years

+1. Are planning a cash out refinance for an $800,000 renovation\addition

[Anonymous]

Anonymous wrote:10 years to payoff. We've been extremely lucky and bought in a desirable area, way before it was desirable so the mortgage is ridiculously low. We've done some renos and refinanced, but the last time we refinanced, we did a 15 year so we are back where we should be. I also double pay the principal every month though my husband is worried what we'll do for tax write offs when we do pay it off. I need to talk to a financial/retirement adviser and see what makes sense.

Your mortgage (i.e. the amount you owe on your loan) is no lower than it would have been regardless of where you bought. Due to buying in a neighborhood that has seen appreciation, what is lower is your "leverage" or loan-to-value, meaning you have more equity.

[Anonymous]

We could but we don't want to tie up so much cash in an illiquid asset and the interest rate is ridiculously low. We are also not sure if we will retire in this house or downsize to a more urban location. We'll decide in ten years or so (now 54).

[Anonymous]

We paid off our house before we were 40.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm 52 and we will pay our off soon. Just 28 more years. And a few years after that, I should be ready to retire. The kids college? Uh, no.

I love you!

I love you, too!

[Anonymous]

52 and have had the house paid off for 15+ years.

[Anonymous]

Anonymous wrote:8 more years to go on both houses - we already bought our retirement house and will have that and our DC area house paid off about five years before retirement. Also, kids' college tuitions are all prepaid.

Smart! Congrats!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm 52 and we will pay our off soon. Just 28 more years. And a few years after that, I should be ready to retire. The kids college? Uh, no.

I love you!

+2

After repaying my hundreds of thousands of $ in loans against my retirement $ that we used to pay for my father's long-term care in the Alzheimer's unit.

OMG, I am so sorry. Why wouldn't the facility move him to a Medicaid bed in nursing wing? That is scenario proposed by one CCRC I am looking at now.

[Anonymous]

My DH doesn't believe in paying off mortgage cuz of tax benefit and low interest rate. We have two homes worth total of @ $1.5M and we owe @ $575k on both. We could pay off out of one of our 401ks if we wanted to. Young kids, no college savings.

[Anonymous]

Paid off at 48. Inherited some cash and it went right into the house. Such a relief to have a paid-up house, especially when DH had a job scare a couple years ago. He switched jobs the day before 10 colleagues received lay-off notices. Phew, but if we'd had a mortgage to pay, we'd have lost the house, if he'd received one of those notices. All were given to age 50+ employees. I'm sure that's illegal, but all received generous severance packages, so that's how the company got away with it.