How many of you have paid off your home?

My category doesn't fit any of your poll choices.

I was within two years of paying off my home when divorce struck. To pay off my ex, I had to refinance the house with a 10-yr mortgage. I paid it off in 8 yrs.

Now, due to my new wife who wanted to remodel/re-side the house, along with a couple of car purchases, I took out several home equity loans. To get a better interest rate, these loans were rolled over into a new mortgage.

So, I'm essentially I've paid off the mortgage twice and am now paying off the house for the THIRD TIME!

(Retirement next year? and 7-1/2 yrs to go...)

 

I've paid off 3 homes... currently all rented out.

I have two other mortgages, one on the house I am in now, and another on my daughter's house that I bought last December which she rents from me.

I intend to purchase two or more local homes here in the next year or so... my problem is folks that keep coming in with all cash... I just don't have that much liquid.

 

Shoot... I forgot this post doesn't count...

 

I picked according to how old I was when the house was paid off.

 

We've only been homeowners for three years, and it's 70% paid off. One income and we're under 40.
We picked a 4 bdrm house we could afford to pay off quickly so we wouldn't be paying too much "vapor" (<--that's what we call interest) and have a nice chunk for a downpayment on our next home.

 

Some financial experts claim that it's better to have money in the bank than pay off your home just before retirement. The theory is the bank will not lend you money after your retired.

"retire" is not something you do at the Goodyear store.

 

^^ HELOC or HEL

 

I did recently refinance our 30 year to a 15 year, so I knocked of 12 years after 3 years.

 

Owned my place for 3 years, single income, have almost 40% of it paid off already - only 29

And when I bought it... the mortgage was almost $100 less/month than I had been paying in rent at my old place.

 

I am quite convinced that having a paid off home no longer carries the level of relevance that it once did. Whether you own it or not, its value is tied to a declining fiat currency.....and a tax system that is rapidly approaching a crucial point in time where municipalities are as insolvent as the federal government. Ex pat is where retirement is at.

 

I rent from myself. How does that fit into your poll?

Tom

 

We paid ours off, maybe a decade back. Big relief: I do not like owing money

 

Does it count if you have saved nough cash to payoff the loan?

 

LOL, not "quite" As in like 28 years.

That's, within reason, how we do it also. Of course even still we manage to go through that second "extra" income pretty quickly each month, but we never bought a home or anything reliant upon both, it's just too risky if at all possible to avoid.

In truth the government has messed up interest rates and mortgage deductions to such a degree that paying off my sub-5% interest mortgage has little appeal to me. And my HELOC at less than 3%--also tax deductible--why the heck would I put anything into it? I don't, I pay interest only and continue to build savings. The whole thing is ridiculous.

 

I paid off my home and am over 45, but was under 45 when I paid it off.

 

I'm under 50, we're single income and I'm down to less than 5 years.
We sold some land we had and tinkered with the idea of paying off the house, but decided to put money in the bank instead. Wise move in our case.

WRT the comment about the fact that having a paid-for house "no longer carries the level of relevance that it once did." I respectfully disagree.
Since we are SINKs (single income, no kids) once my very humble abode is paid for, I'll have the flexibility of being able to deliver pizzas and pay for the things that I really have to have, should I suddenly find myself unemployed.
Since my wife and I don't fall into the "two income trap" and we live veeery frugally, we can hopefully avoid some of the pitfalls that plague most Americans these days.
Unfortunately, to most people, "I qualify for a loan for a new car" = "I can afford a new car." Same applies to a house. My goal is to be debt free by 50.
BRAVO ZULU (Navy speak for "well done") to those who manage to do it sooner!!!

So.....no new PiP for me.

 

One has to strike a balance between frugality and living.

Splurge on things you want but don't need every now and then and you will be happy in life without putting too much of a dent on your fiscal scenario.