Reply to Mortgage recast vs extra payments

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Unpopular opinion ‼️ 🚨

We are 45, have a child headed off to college next year, another one 3 years behind him and are mortgage free. It is the most liberating feeling for me. When I have a bad day at work I’m like, whatever. I get to finish out the rest of my life without a mortgage. [/quote]

Yup! The mental aspect of being debt-free is underrated. [/quote]

I guess this is an unpopular opinion, but I agree with these two PPers. I recently did a recast on my mortgage because I'm worried I could get laid off in a few years when the company I work for is sold. (It was recently purchased by a private equity firm bundling public affairs firms together and will sell them off in a few years). I don't know how hard it will be for me to find another job at my age (53 yrs old).

The recast dropped my monthly payment but I'm just paying the same amount in hopes of paying off my mortgage early. It just gave me a little more comfort that I'll be able to afford my mortgage no matter what happens. [/quote]

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