Why Mortgage When Downsizing? - Page 7

missy1 · ‎03-10-2010

@151949 wrote:
We have no one to leave our money to so why shouldn't we spend it to make ourselves happy? Heck, even if you do have kids - you should not live poor just to leave them a bundle.

Sad. I am glad my parents are not like this. We help each other.

Hayfield · ‎03-10-2010

It's a personal decision, whether to carry a mortgage in your retirement years. I know that we, most likely, will not want a mortgage but I know many people that do because it works for them financially. To each their own. As far as leaving my children anything when I'm gone, that will depend on whether DH and I stay healthy. We're living our lives they way we want to and if there's something left, our children we inherit it, of course. I can't predict what's going to happen but I did make sure that my children were well educated and we totally paid for their education and neither had school loans. We have also helped our children when we could but we won't put ourselves in financial jeporday to help them.

Fifi1 · ‎03-10-2010

We paid off our house @ age 50/51. We could not see going into retirement with a mrtg. We have investments and a nice retirement account so the $ that would have gone to mrtg has gone into further investing making us more $. We are now 59/60. WE both have had good careers and dh has planned for retirement funds as best as anyone can.

151949 · ‎03-09-2010

@missy1 wrote:
@151949 wrote:
We have no one to leave our money to so why shouldn't we spend it to make ourselves happy? Heck, even if you do have kids - you should not live poor just to leave them a bundle.

Sad. I am glad my parents are not like this. We help each other.

How sad that you feel your parents should "live poor" to leave money to you. Why don't you earn &/or save your own ?

mousiegirl · ‎03-09-2010

@Mom2Dogs wrote:
My neighbor is doing this....selling her home, moving across the country and purchasing a newer, smaller home. She is putting some money down, waiting for her home to sell, and will plunk down what is left of the sale of her home, then take a mortgage out for the remaining balance.

She has money to pay off the home but why would she....if she dies before the house is paid off then the money from her estate or the sale of the home will pay off the house. She would rather have the money in her pocket than pay toward a monthly mortgage.

@Mom2Dogs You just said that she is going to take out a mortgage, so I don't understand the last sentence.

mousiegirl · ‎03-09-2010

I have thinking lately that if I had to move, I would sell the house, and buy another in cash to avoid a mortgage, and then live off of the balance of the money from the sale of the house.

To me, the point of moving is to get rid of a large mortgage for peace of mind and for more spendable cash per month due to lack of a mortgage.

Is this not a good idea?

151949 · ‎03-09-2010

@mousiegirl wrote:
I have thinking lately that if I had to move, I would sell the house, and buy another in cash to avoid a mortgage, and then live off of the balance of the money from the sale of the house.

To me, the point of moving is to get rid of a large mortgage for peace of mind and for more spendable cash per month due to lack of a mortgage.

Is this not a good idea?

This may be a great idea for YOU, but who is to say it's a great idea for EVERYONE.Other people have different needs/ wants / desires than you. That doesn't make them bad people. Just as they have no right to look down on your small inexpensive home - you have no right to judge their choice to buy a larger, more expensive home.

GenXmuse · ‎05-15-2016

@151949 wrote:
@mousiegirl wrote:
I have thinking lately that if I had to move, I would sell the house, and buy another in cash to avoid a mortgage, and then live off of the balance of the money from the sale of the house.

To me, the point of moving is to get rid of a large mortgage for peace of mind and for more spendable cash per month due to lack of a mortgage.

Is this not a good idea?
This may be a great idea for YOU, but who is to say it's a great idea for EVERYONE.Other people have different needs/ wants / desires than you. That doesn't make them bad people. Just as they have no right to look down on your small inexpensive home - you have no right to judge their choice to buy a larger, more expensive home.

Yes, the same as it is for everything. Words you might want to live by.

mousiegirl · ‎03-09-2010

@151949 wrote:
@mousiegirl wrote:
I have thinking lately that if I had to move, I would sell the house, and buy another in cash to avoid a mortgage, and then live off of the balance of the money from the sale of the house.

To me, the point of moving is to get rid of a large mortgage for peace of mind and for more spendable cash per month due to lack of a mortgage.

Is this not a good idea?
This may be a great idea for YOU, but who is to say it's a great idea for EVERYONE.Other people have different needs/ wants / desires than you. That doesn't make them bad people. Just as they have no right to look down on your small inexpensive home - you have no right to judge their choice to buy a larger, more expensive home.

@151949 I was speaking of myself, NOT anyone else, YOU should read more carefully.

Mj12 · ‎03-09-2010

@151949 wrote:
We have no one to leave our money to so why shouldn't we spend it to make ourselves happy? Heck, even if you do have kids - you should not live poor just to leave them a bundle.

Of course you do - you have stepchildren, you mention them occasionally. I am a Stepmom too, we absolutely do have "kids". Whether you want to leave them something or not is your business but of course you have kids.