Pay off the mortgage...or not? - Page 3

winamac1 · ‎12-29-2010

On 3/11/2015 Zita said:
When we downsized to a townhouse several years ago, we paid for it outright. It's wonderful not to have to worry about a mortgage payment. As we age one never knows what health issues may emerge or other issues. Don't miss the interest deduction at all.

I'd say, do it!

${#emotions_dlg.thumbup1}$

"friends don't let friends drink white zinfandel"

Trudey · ‎03-11-2010

On 3/11/2015 kitty60 said:
I understand the separate money issue. It works for my husband and me. Originally I would say pay it off but after your saying it would come from "your" money I would only do so if you each kicked in half. Many don't understand this. The best day of our marriage was when we split the finances down the middle. His material needs were much different than mine and didn't always include my interests. So if he's willing to kick in half I would happily put in half and pay it off, other than that keep doing as you do.

Thank you for understanding. When I was writing it, I was thinking..."these girls are going to think I'm ridiulous". Separate finances work for us too.

Colonel Meow · ‎05-25-2014

On 3/11/2015 mzlg said:
On 3/11/2015 AGV said: Thank you all for your responses. I am fine with paying off the mortgage if we continue to contribute the same amount monthly and put that extra amount into savings. DH and I don't combine our money...we have separate accounts. He gives me money each month to pay for half of the bills. I'm a saver and he is not. The money to possibly pay off the mortgage would come from my inheritance and is not "joint" money. I just wonder if he would be so anxious to pay off the mortgage if he was having to contribute to the lump sum?

AVG, This information should have been included in your post, as it may have affected the suggestions others have given. I would check with who ever does your finances, as this additional information, somewhat, changes the situation.

Yes, I think the circumstances you added definitely change the situation and might have elicited different responses here. I would hesitate to pay the last lump sum, as well, if the money was coming solely from me but we had always previously shared bills before. I guess it would also depend on the amount still owed on your mortgage. A few thousand - I might consider it. Tens of thousands or more, definitely not.

qualitygal · ‎10-04-2010

Pay it off!

YorkieonmyPillow · ‎01-13-2013

I vote ""pay it off"" also.

05gage25 · ‎11-16-2014

Absolutely pay it off! I am 62, and haven't had a mortgage in 17 years. It is liberating! Smile

Trudey · ‎03-11-2010

On 3/11/2015 Colonel Meow said:
On 3/11/2015 mzlg said:
On 3/11/2015 AGV said: Thank you all for your responses. I am fine with paying off the mortgage if we continue to contribute the same amount monthly and put that extra amount into savings. DH and I don't combine our money...we have separate accounts. He gives me money each month to pay for half of the bills. I'm a saver and he is not. The money to possibly pay off the mortgage would come from my inheritance and is not "joint" money. I just wonder if he would be so anxious to pay off the mortgage if he was having to contribute to the lump sum?

AVG, This information should have been included in your post, as it may have affected the suggestions others have given. I would check with who ever does your finances, as this additional information, somewhat, changes the situation.

Yes, I think the circumstances you added definitely change the situation and might have elicited different responses here. I would hesitate to pay the last lump sum, as well, if the money was coming solely from me but we had always previously shared bills before. I guess it would also depend on the amount still owed on your mortgage. A few thousand - I might consider it. Tens of thousands or more, definitely not.

I apologize for not including this information in my original post. I honestly started this thread just wanting opinions about whether or not you would pay off your mortgage. You ladies were so kind to respond and provide excellent information that I definitely responded with too much information. I know my DH wants what is best for both of us.

Colonel Meow · ‎05-25-2014

AGV - I'm sure you will make the best decision for you and your family. Either path you choose, it sounds as though you are in a comfortable position at this stage of your life. Smile

wonderfulworld · ‎12-05-2012

Ah, if paying it off would come from 'your side' so to speak I would say no. As a woman I think you might consider keeping your inheritance for your medical needs in your frail years or purchase Long Term Health Care Insurance.

That was the advice my mother gave me and I took it. She had purchased it for her self and used it to live in a lovely Assisted Living Facility for the last 5 years of her life. A wonderful 'gift' to herself and to us. I have my own policy now and so does DH.

ccassaday · ‎10-21-2010

Where will the money com from to pay it off. We are having this convo now. My parents house is paid off. But we are going to be building a new house after my dad retires. We do not know whether to take the extra out of his 401k or get a mortgage. We our leaning on getting a mortgage because paying the interest rate will be much lower then the income tax paid on the 401k. We will be talking with an advisor before making a decision.