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Discussions about Mortgage Payoff

November 26th, 2012 at 11:06 am

Over the Thanksgiving break I was having dinner with several friends. Some are nearing retirement age and one commmented (lamented really) about how she wished she had paid down her mortgage early. It got me to thinking about when/how/why this became a priority for me.

Working as a career counselor I met with many people since the 2008 economic downturn who lost their jobs and some eventually their homes. Many of these people had adequate EF's, (at that time the recommendation for an EF was 6 months living expenses I think) but simply could not find employment. It really inspired me to make paying off my mortgage a financial goal. The security of having a paid off home (at least for me)is priceless. I am not a risk taker, so this makes sense for me.

There are many different ways to prepare ourselves financially, some disagree with paying down a mortgage and heavily invest instead. This is not a post about what is "right or wrong" in terms of financial planning. Just my own thoughts about my own personal way of planning for my future!

3 Responses to “Discussions about Mortgage Payoff”

  1. SavingsQueen Says:

    Loved your comments. My DH and I have had a paid off mortgage for our last three houses. I feel very secure knowing we own our home outright and would NOT feel safe investing lots of non-401K funds in "investments" instead.

    The only down side is that I know I fritter away more money each month not having a mortgage.

    Some of our friends own million dollar homes with large mortgages. We have always favored living in a nice but reasonably priced home with NO mortgage. Also, we really have no debt of any kind. On the outside we may look like our heavily mortgaged friends, but inside we are living comfortably and safely.

  2. NJDebbie Says:

    Right after we refinanced our mortgage, my husband thought he was going to lose his job. I can remember the anguish we both felt during those trying times. That same day, we realized that we no longer wanted to hold a mortgage and we needed to get this monkey off our bank quickly. Since then, we've put every extra cent towards paying down the mortgage. We have 5 years left if we decide not to make extra principal payments, but we plan to pay off the mortgage by June of 2015. For us, paying off our mortgage it's about peace of mind, nothing else.

  3. Beawealthywarrior Says:

    I have a paid for rental property(my prior home) and I'm working to pay off my curent mortage early as well!

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