Off scope for subject home paid for when retired?

1936 · Jan 18, 2009

How many are paying off home in retirement?

NOT I.

NEsota · Jan 18, 2009

Not me. I plan to rent or live with relatives, until my student loans are paid down enough so that I can try to finance a home.

charles lendman · Jan 18, 2009

Thought about it...BUT you can't EAT the house...Try a reverse mortgage IF you have any equity left ,,if not just do what everyone else is doing ask for a government bailout..things that used to work don't make any sense any more...Charles

kyhayman · Jan 18, 2009

Not me, as a rule, if I cant pay for it, I cant afford it.

rrlund · Jan 18, 2009

I'm not even retired and mines been paid for for 21 years now.

glennster · Jan 18, 2009

i have pretty much everything paid off. it was a big sacrifice, didnt have all the fancy stuff, but then again it didnt mean that much to me. but i am 51 and sleep a lot better knowing if something happens, i wont lose everything to the bank.

big fred · Jan 18, 2009

Primary residence has been paid off for about 10 years. Vacation home stil has a mortgage, and won't be paid off for many years. I'm three years from retirement.

greenmech · Jan 18, 2009

Paid it off before retirement last year. Don't need as much money to live now. Recommend it if possible.
Ron Mn.

Bob Kerr · Jan 18, 2009

I bought a repo 2000 square ft house that had new roof, windows, furnace, central air siding 2 bedroom addition with new bathroom ect for $8000, Paid in full and haven't looked back. I rebuilt the chimney, put in a wood stove, put gutters on and built a pole barn. Works for me! Deals are out there, just gotta look!

Bus Driver · Jan 18, 2009

Having suitable housing "paid for" is the single-most important thing to do to prepare for retirement. Very expensive houses may not be so good due to property taxes and maintenance.

Spook · Jan 18, 2009

Paid mine off several years ago. Retired last year. I am planning to go back to work. Too young to just quit.

GeneMO · Jan 18, 2009

Paid off our 25 year mortague in 20 thanks to the wife paying an extra $50 or so with each payment. Sold the remaining cattle a year ago this past summer and paid off the farms.

Was out of debt about 2 years, then went back in this fall to help the oldest son buy an adjoining farm. Now his inlaws are letting them have 40 acres as a downpayment on a 120 acres piece by them. So they will have bought two farms in 6 months, and each set of parents let them have land for collateral. Guess that was only fair. Kinda put the DILs' folks on the spot seeing as how we helped them on the first piece.

If things work out as they should this will all pay for itself in short order.

Gene

flying belgian · Jan 18, 2009

Mother told me years ago that once you have everything paid for it really don't take much money to live. That makes sence if you think about it because the average wage earner is paid enough for living expences and mortgage payment. So if you take the mortgage off of there you should have $1000 extra every month.

Anonymous-0 · Jan 18, 2009

Got out from under debts 4 years ago after 30 years of working for it. Thought it would be a day of celebration and felt nothing. I only wish my Dad had been here to see it.
Am now trying to help out a few younger folks when possible. A couple of hundred bucks now and then will help a heck of a lot more than waiting for an elderly relative to pass on if you have any. also figure that Freedom 55 is now Freedom 95.

Paul from MI · Jan 18, 2009

Paid the first one off when I was 28, long darn time ago. Paid this one off about 30 years ago, continue to live modestly. But you gotta have some fun so have taken some really great vacation trips. Need to look for a balance!!
Paul

kruser · Jan 18, 2009

I wouldn't do it in retirement but I don't think it's bad leading up to it! Paid off one house in the 1990's and then built in 2000 - still owe about 100,000 at 55 so will wait till I get to the "magic" point where standard decuctions are more the itemized dedcutions. Hopefully, by that time the economy has turned around and I can retire! PS: Job is pretty safe.

Fergienewbee · Jan 18, 2009

I hope to be free and clear when I retire. I've been paying an extra $160.00 per month on $25,000.00. I have enough in the bank to pay it off, but want to keep some for emergencies, travel, etc. Hope to retire next November--probably work two or three days a week.

Larry in Michigan

Anonymous-0 · Jan 18, 2009

Unfortunately, I am. I hadn't planned on retiring when I did, but medical problems more or less forced it.

Luckily, I had my time in and was in a good State retirement system that is unlikely to go broke. Some of my friends have retired from other jobs in private business and now draw way less than I do each month. And some have lost their pensions after their companies were bought and sold and looted. I sure am glad I stuck with the job I had, even though I might have made more in the private sector.

I just got my yearly mortgage statement and it shows that I still owe about $61k. I refinanced a few years ago to get a much lower rate than I was paying, and should have the place paid off in 10 years.

I can't do everything I hoped to in retirement, but we are pretty comfortable and secure. I sure hope the POLITICIANS don't ruin what I have.

Anonymous-0 · Jan 18, 2009

We have 3 houses paid off and 3 with mortgages. Every year the rentals make more and the write offs are less. 30 year fixed rate loans are nearing 3.5%, after interest deductions that is almost free money. I think it is time to borrow money, not pay it off.

barn E · Jan 18, 2009

Reverse mortgage should be last resort. Only get about half what your house is worth on average. Payments do not go lifetime unless very large amount. Payments only go till amount is paid to you. You still have all maint. taxes. insurance grass, snow, etc. to pay for. Your heirs will not get anything from the house, unless they want to pay everything back to company with interest. Don't get sucked in unless it is last resort.

Anonymous-0 · Jan 18, 2009

Finished major remodel March, 2007. This will be paid off this year or next. Land is paid for, cows and equipment only bought with cash. The only thing I plan to spend on is helping my children get their places bought and paid for, none of them has asked for help but they're good kids and my Wife and I would like to see them have a little more security than we had through the years. I have always made my living in a highly volitile, cylical business and could never count on a job to last, I have been fortunate through the years and stayed working. We never lavished our children with expensive gadgets and consumer crapola so if we can help them with something lasting it will be worthwhile.

Traditional Farmer · Jan 19, 2009

Not only have the house we live in paid for also have 2 others paid for that wife and I rent out.

Off scope for subject home paid for when retired?

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