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Jan 23rd, 2013
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Re: At 64 do you pay off mortgag [Re: Stump jumper] #13644848 07/26/20 01:23 PM
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If you decide to refinance, look at the option of a Home Equity Loan. Since you owe less than 1/2 the value it should be available. It also should be close to the same rate, but the advantage is there is usually no Closing Cost, No Home Inspection, and No Survey required. If refinancing you have to consider the cost of those 3 items as they can add several thousand dollars to the amount financed.

Re: At 64 do you pay off mortgag [Re: Stump jumper] #13644850 07/26/20 01:26 PM
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Pay it off and look into TOD deed to see if it is applicable to you.

Re: At 64 do you pay off mortgag [Re: patriot07] #13644866 07/26/20 01:46 PM
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Originally Posted by patriot07
Refi is the right answer, but if that's not an option then at 4%, I'd pay it off. If Biden is elected, guaranteeing over 4% is going to be difficult. And if you work hard to get 5%, you really only got 1% return for all that work when you could have just relaxed without stressing about it.

If you've got a guaranteed 8% investment, then go for it and email it to me as well. My home equity line is at 6%, so I'll just pocket the gains myself.


I dont think you can say that 100 percent. Without knowing, fees for refi, interest rate, his income, his tax situation, how his portfolio is set up, etc etc. That's why I suggested putting it all together and looking at the math of the deal. Also he needs to soul search whether that's where he wants to stay, etc etc. I dont know if he is remarried or not. If it was me and I was single I might be looking for a barndo near my favorite lake. He should not make a quick call based on anything here. Sounds like this will be one of his last big financial choices and you want to get it right.

Re: At 64 do you pay off mortgag [Re: Stump jumper] #13644906 07/26/20 02:19 PM
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Coming in two weeks to Cedar Creek thumb


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Re: At 64 do you pay off mortgag [Re: Keystone] #13644914 07/26/20 02:22 PM
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Originally Posted by Keystone
Coming in two weeks to Cedar Creek thumb


Speeder Creek.............

Re: At 64 do you pay off mortgag [Re: Stump jumper] #13644924 07/26/20 02:26 PM
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You live in Rockwall County.. You are screwed. My house will be paid off before I retire. but, Rockwall County property taxes will prevent me from retiring in Rockwall.


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Re: At 64 do you pay off mortgag [Re: WAWI] #13644933 07/26/20 02:31 PM
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Originally Posted by WAWI
Originally Posted by patriot07
Refi is the right answer, but if that's not an option then at 4%, I'd pay it off. If Biden is elected, guaranteeing over 4% is going to be difficult. And if you work hard to get 5%, you really only got 1% return for all that work when you could have just relaxed without stressing about it.

If you've got a guaranteed 8% investment, then go for it and email it to me as well. My home equity line is at 6%, so I'll just pocket the gains myself.


I dont think you can say that 100 percent. Without knowing, fees for refi, interest rate, his income, his tax situation, how his portfolio is set up, etc etc. That's why I suggested putting it all together and looking at the math of the deal. Also he needs to soul search whether that's where he wants to stay, etc etc. I dont know if he is remarried or not. If it was me and I was single I might be looking for a barndo near my favorite lake. He should not make a quick call based on anything here. Sounds like this will be one of his last big financial choices and you want to get it right.


I'am more concerned of his spelling of "mortgag"

Re: At 64 do you pay off mortgag [Re: WAWI] #13644967 07/26/20 02:54 PM
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Originally Posted by WAWI
Originally Posted by patriot07
Refi is the right answer, but if that's not an option then at 4%, I'd pay it off. If Biden is elected, guaranteeing over 4% is going to be difficult. And if you work hard to get 5%, you really only got 1% return for all that work when you could have just relaxed without stressing about it.

If you've got a guaranteed 8% investment, then go for it and email it to me as well. My home equity line is at 6%, so I'll just pocket the gains myself.


I dont think you can say that 100 percent. Without knowing, fees for refi, interest rate, his income, his tax situation, how his portfolio is set up, etc etc. That's why I suggested putting it all together and looking at the math of the deal. Also he needs to soul search whether that's where he wants to stay, etc etc. I dont know if he is remarried or not. If it was me and I was single I might be looking for a barndo near my favorite lake. He should not make a quick call based on anything here. Sounds like this will be one of his last big financial choices and you want to get it right.


^^^^this

Re: At 64 do you pay off mortgag [Re: Stump jumper] #13644977 07/26/20 03:04 PM
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I'm going to be a contrarian. There are few feelings in the world better than knowing that the home you live in has no mortgage debt.

If you can afford to pay off the house, and still have enough cash available for unforeseen emergencies -- for example, that hailstorm that annihilates your roof and isn't fully covered under your homeowners insurance -- then by all means, go for it.

Your investment returns down the road aren't guaranteed to stay above the interest rate you're paying on the mortgage. If the broad markets crash and your investments drop in value, you may want to leave that money untouched while things recover. If your home drops in value, it's still a paid-off roof over your head (and if the value drops, you can challenge your property tax assessment to lower it too). That way, even if you're only getting by on SS retirement (I assume you're waiting for full retirement age), you'll be able to manage.

Oh, one note - make sure that in the year you turn 65, you fight the property tax appraisal on your home and get it as low as possible. It'll be frozen at that level from there on out.


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Re: At 64 do you pay off mortgag [Re: Uncle Zeek] #13644981 07/26/20 03:13 PM
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Originally Posted by Uncle Zeek
I'm going to be a contrarian. There are few feelings in the world better than knowing that the home you live in has no mortgage debt.

If you can afford to pay off the house, and still have enough cash available for unforeseen emergencies -- for example, that hailstorm that annihilates your roof and isn't fully covered under your homeowners insurance -- then by all means, go for it.

Your investment returns down the road aren't guaranteed to stay above the interest rate you're paying on the mortgage. If the broad markets crash and your investments drop in value, you may want to leave that money untouched while things recover. If your home drops in value, it's still a paid-off roof over your head (and if the value drops, you can challenge your property tax assessment to lower it too). That way, even if you're only getting by on SS retirement (I assume you're waiting for full retirement age), you'll be able to manage.

Oh, one note - make sure that in the year you turn 65, you fight the property tax appraisal on your home and get it as low as possible. It'll be frozen at that level from there on out.


I paid mine off when I was 44. I used similar thought process. I owed alot more than he did, I was contemplating total retirement but didnt like the way that looked. I dont regret paying it off as it wasnt a big part of my portfolio at the time and I can always sell and down size. I think each situation is different, as are each persons risk tolerance, plans etc.

Re: At 64 do you pay off mortgag [Re: Stump jumper] #13644994 07/26/20 03:27 PM
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You're 15 years into a 30 year mortgage? Generally, interest is all paid upfront. If it's 15 years left on 30, then you're likely mostly paying principal at this point with interest dropping every year. I would keep the cash. It provides way more flexibility. I am not a fan of paying off mortgage loans early, even at 4%.

Re: At 64 do you pay off mortgag [Re: dyollpster] #13644996 07/26/20 03:33 PM
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Originally Posted by dyollpster
You're 15 years into a 30 year mortgage? Generally, interest is all paid upfront. If it's 15 years left on 30, then you're likely mostly paying principal at this point with interest dropping every year. I would keep the cash. It provides way more flexibility. I am not a fan of paying off mortgage loans early, even at 4%.


Agreed

4% is cheap interest

I paid 10% on my first house in 87

Re: At 64 do you pay off mortgag [Re: hopalong] #13645006 07/26/20 03:46 PM
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Originally Posted by hopalong
sell the house, give the money to RATZ for the biggest dam gtg this place has ever seen.


oh, buy a van first, so you have a house by the river. grin

this is a great idea


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Re: At 64 do you pay off mortgag [Re: Stump jumper] #13645052 07/26/20 04:38 PM
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but, there's nothing like being debt free.


"..The pleasantist angling is to see the fish
Cut with her golden oars the silver stream,
And greedily devour the treacherous bait.
Bill Shakespeare





Re: At 64 do you pay off mortgag [Re: Stump jumper] #13645078 07/26/20 05:08 PM
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I’m a fan of being debt-free. Got a 30 year loan on our land and house in 2000 and paid it off in 13 yrs. Rate was
6.79 back then. I don’t like paying interest to anyone.

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