Life At What Age... - Page 4

el borracho · 04-13-2022, 09:20 AM

At what age did you pay off your primary residence?

As a bonus, please write if you paid off another property before paying off your primary residence.

**Rain Man** · 04-13-2022, 02:21 PM

Quote:

Originally Posted by JPH83

Nah I'm kidding. I've got a bog-standard mortgage. Well, possibly about to get a much larger one so I can have an escape room from the family. I'll pay it off in my 60s I guess. I've not heard of that type of mortgage you mention.

My understanding with Japan is it's one of the few places where houses can depreciate and where they're not viewed as assets. Something about their lack of durability due to earthquakes maybe? Don't quote me, could be nonsense. I've been and tbh it may be the only place on earth with smaller housing than the UK.

Ah, okay. I know some of those European countries have very non-American home ownership patterns.

**Rain Man** · 04-13-2022, 02:26 PM

Quote:

Originally Posted by Marcellus

...

As many have noted with a <3% Interest rate and the value growing way faster than that its a good investment.

I know the housing boom is about to go bust eventually but the value of my house is up 33%+ since I bought it about 2 years ago as well.

I got a good deal on it right before things went crazy.

I've owned my house for 25+ years and almost all of that was in a low-inflation environment. Suddenly with high inflation I'm seeing a huge benefit of home ownership. I watch my home value estimate on Zillow and it's been in a big spike upward over the past 6-12 months. Some of that is normal housing, but I bet a lot of it is inflation. So my home equity is serving as a nice inflation hedge.

Hog's Gone Fishin · 04-13-2022, 02:35 PM

This is a little flawed. Saying you own your home outright that happens to be a $10k mobile home is way different than paying off a $500K home.

Maybe that doesn't matter. Having a place to live thats paid off gives a person security. I got mine paid for around age 54 and I won't borrow against it. I know the equity is trapped but I'm OK with that. The value of the property is still growing 5-10% yearly.

Why Not? · 04-13-2022, 02:57 PM

It's nice to know that I could pay off my mortgage if I wanted to, but I'm in the group that would rather have that money working for me.

ThaVirus · 04-13-2022, 03:20 PM

I'm in my early 30s and have yet to begin the process of purchasing my first home. A lotta bit of what SuperChief mentioned earlier has been an issue. Surging housing costs in a major metro area are a big issue and, admittedly, it did take me quite a long time to secure a job that paid what I'd consider a good wage after school.

In retrospect, I definitely should have bit the bullet a few years back and just bought. Even if it was a town home, I'd be in a much better position now.

Issue was, I was stuck on wanting to save up a ton of money for a down payment thinking it'd be smart to reduce the monthly cost (particularly PMI). I know now that that is generally not a great idea and that money is better spent elsewhere; but I never had any guidance from my parents in the whole process so I'm learning everything on the fly.

Like in most situations, I wish I knew then what I've learned now.

BWillie · 04-13-2022, 03:46 PM

Quote:

Originally Posted by Bearcat

Thread with a reasonable majority opinion: exists

BWillie: i DiD wHaT eVeRyOnE eLsE sAyS iS tHe DuMbEsT tHiNg PoSsIbLe

I am very dumb. Thank you.

mr. tegu · 04-13-2022, 04:15 PM

Quote:

Originally Posted by Rain Man

Ah, okay. I know some of those European countries have very non-American home ownership patterns.

Definitely interesting watching House Hunters in Europe and seeing how different things are there.

Mike in SW-MO · 04-13-2022, 06:20 PM

We paid ours off first time in '04. We used it as collateral to buy a lake house. Paid it off in '09. Refinanced it to buy college house for daughter in 2016, then refi'ed again last year to buy house to rent to son & daughter in law.

We'll see when we get it paid off again.

Peter Gibbons · 04-13-2022, 06:49 PM

It’s been over 6 years now since I’ve had a house payment (or any other debt). I am beginning to look for retirement properties in the Charleston, SC area and loathe the idea of once again having a mortgage. However, I may loathe that idea less than selling off investments to buy it in cash. It’s a hard call for me. However, If rates keep climbing, the call will become much easier to make.

crayzkirk · 04-13-2022, 09:10 PM

My house was paid off by the time I was 45; back then, interest rates were pretty high and I got the shortest period I could afford. I think it was around 8%. My first car loan in 1981 was 16 2/3% so that seemed like a deal. Paid off a second home in 2009. I'm not rich however I drive older cars and live within my means.

As far as the tax deduction goes, I like what my father said about it: The money is still gone! Lost him in 1982; damn, been gone 40 years. Miss ya, dad!

Coochie liquor · 04-13-2022, 09:36 PM

We currently owe about 60k on our house. We have been looking at the market and we could likely sell this house for at least 300k currently (likely more with the area/upgrades/market). I can but 3 1/1 condos in Playa Del Carmen for 250k. Live in one rent one out monthly and one out Air BnB.

LittleMeatballNick · 04-13-2022, 09:46 PM

Quote:

Originally Posted by Shiver Me Timbers

Mine is pretty much paid off. Did it before I reached 50.

I have a all in One Loan. It uses your property as collateral.

The interest rate is higher but it is simple interest. It is tied to a checking account. Any money I deposit into the checking account is cleared every night and that money gets credited to the line of credit account (lowering the balance you are paying interest on) . When you use the checking account it pulls the needed funds from your line of credit.

It is not "offered" in all states but it is a great tool if you can get it.

This explains it better
https://www.thebalance.com/what-is-a...rtgage-5200578

I was thinking about doing this as well. I have enough equity in my home now, I think I could pull it off. I'm just doing a little bit more research.

HonestChieffan · 04-13-2022, 10:00 PM

House was paid off at 51, farm will be free and clear in 2 years. Could pay it off now but no hurry.

Pity the next round of real estate buyers with Interest about to start rocking up fast and prices crazy high

BryanBusby · 04-13-2022, 10:12 PM

Quote:

Originally Posted by Marcellus

I would have had mine paid off in the next year or 2 but 2 years ago we bought a nicer place and sold the old one. While it put me in more debt the equity in my new house will far surpass the value of my old house even once the old one would have been paid off. The location just has a low ceiling due to comparable even though my house was in a cool spot.

We will stay in the new house for another 10-12 years then downsize and pocket the difference and have the retirement house paid for.

As many have noted with a <3% Interest rate and the value growing way faster than that its a good investment.

I know the housing boom is about to go bust eventually but the value of my house is up 33%+ since I bought it about 2 years ago as well.

I got a good deal on it right before things went crazy.

You know, I keep hearing the crash is coming and doom and gloom and I'm just not seeing it. At least in the lower end market.

Rates have gone up and houses are still flying.

**Buehler445** · 04-13-2022, 10:34 PM

Quote:

Originally Posted by BryanBusby

You know, I keep hearing the crash is coming and doom and gloom and I'm just not seeing it. At least in the lower end market.

Rates have gone up and houses are still flying.

It’s early. It takes a bit for COL inflation to outrun wage inflation. But when it does it will be ugly for those that are stretched.

View Poll Results: At what age did you pay off your primary residence?
Before age 30	2	2.56%
30-35	1	1.28%
36-40	7	8.97%
41-45	5	6.41%
46-50	10	12.82%
51-55	18	23.08%
56-60	9	11.54%
61-65	6	7.69%
66 or over	1	1.28%
Probably never going to pay off my primary residence	19	24.36%
Voters: 78. You may not vote on this poll

04-13-2022, 09:20 AM
el borracho In Pat We Trust Join Date: Sep 2001 Location: Albuquerque, NM Casino cash: $2709148	At What Age... At what age did you pay off your primary residence? As a bonus, please write if you paid off another property before paying off your primary residence.
Posts: 12,246

04-13-2022, 02:35 PM	#48
Hog's Gone Fishin Fish are scared of me Join Date: Nov 2001 Casino cash: $-1449523	This is a little flawed. Saying you own your home outright that happens to be a $10k mobile home is way different than paying off a $500K home. Maybe that doesn't matter. Having a place to live thats paid off gives a person security. I got mine paid for around age 54 and I won't borrow against it. I know the equity is trapped but I'm OK with that. The value of the property is still growing 5-10% yearly.
Posts: 40,646

04-13-2022, 02:57 PM	#49
Why Not? In Search of a Life Join Date: Apr 2013 Location: Kansas Casino cash: $-491006	It's nice to know that I could pay off my mortgage if I wanted to, but I'm in the group that would rather have that money working for me.
Posts: 23,807

04-13-2022, 03:20 PM	#50
ThaVirus 5 o’clock free crack giveaway Join Date: Sep 2007 Casino cash: $-1627631	I'm in my early 30s and have yet to begin the process of purchasing my first home. A lotta bit of what SuperChief mentioned earlier has been an issue. Surging housing costs in a major metro area are a big issue and, admittedly, it did take me quite a long time to secure a job that paid what I'd consider a good wage after school. In retrospect, I definitely should have bit the bullet a few years back and just bought. Even if it was a town home, I'd be in a much better position now. Issue was, I was stuck on wanting to save up a ton of money for a down payment thinking it'd be smart to reduce the monthly cost (particularly PMI). I know now that that is generally not a great idea and that money is better spent elsewhere; but I never had any guidance from my parents in the whole process so I'm learning everything on the fly. Like in most situations, I wish I knew then what I've learned now.
Posts: 46,923

04-13-2022, 06:20 PM	#53
Mike in SW-MO Veteran Join Date: Apr 2005 Location: Springfield, MO Casino cash: $-1315824	We paid ours off first time in '04. We used it as collateral to buy a lake house. Paid it off in '09. Refinanced it to buy college house for daughter in 2016, then refi'ed again last year to buy house to rent to son & daughter in law. We'll see when we get it paid off again.
Posts: 1,169

04-13-2022, 06:49 PM	#54
Peter Gibbons Veteran Join Date: Dec 2019 Location: Ohio Casino cash: $-1649600	It’s been over 6 years now since I’ve had a house payment (or any other debt). I am beginning to look for retirement properties in the Charleston, SC area and loathe the idea of once again having a mortgage. However, I may loathe that idea less than selling off investments to buy it in cash. It’s a hard call for me. However, If rates keep climbing, the call will become much easier to make.
Posts: 1,894

04-13-2022, 09:10 PM	#55
crayzkirk MVP Join Date: Nov 2016 Casino cash: $1040000	My house was paid off by the time I was 45; back then, interest rates were pretty high and I got the shortest period I could afford. I think it was around 8%. My first car loan in 1981 was 16 2/3% so that seemed like a deal. Paid off a second home in 2009. I'm not rich however I drive older cars and live within my means. As far as the tax deduction goes, I like what my father said about it: The money is still gone! Lost him in 1982; damn, been gone 40 years. Miss ya, dad!
Posts: 5,408

04-13-2022, 09:36 PM	#56
Coochie liquor Bolton gonna knock you out Join Date: Mar 2014 Location: They Freed Kartel!! Casino cash: $-817606	We currently owe about 60k on our house. We have been looking at the market and we could likely sell this house for at least 300k currently (likely more with the area/upgrades/market). I can but 3 1/1 condos in Playa Del Carmen for 250k. Live in one rent one out monthly and one out Air BnB. __________________ 2025 Adopt a Chief - Travis “Swifty Slayer” Kelce The Travis Kelce farewell tour SB MVP incoming!
Posts: 21,685

04-13-2022, 10:00 PM	#58
HonestChieffan Seeking the Truth daily Join Date: Jan 2006 Location: In the Country in MO Casino cash: $-1395691	House was paid off at 51, farm will be free and clear in 2 years. Could pay it off now but no hurry. Pity the next round of real estate buyers with Interest about to start rocking up fast and prices crazy high __________________ "We read books for knowledge; We read the Bible for wisdom!"
Posts: 54,746