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In reply to the discussion: So this morning we paid off our mortgage. We own the house. [View all]Paper Roses
(7,471 posts)77. What an exciting day.May I give you some advice?
Several years ago, we paid off our mortgage. Had a great-out-to-dinner celebration. It had been 30 years of monthly payments.
Sometimes things go wrong. We had very little extra funds when the cellar flooded, ruining the furnace, a tree fell on the roof, and several other money costing things went wrong.
Smart as we thought we were, we took out a reverse mortgage to cover the costs of a roof, furnace and other things.
Worst mistake we ever made.
Enjoy your new freedom but if anything happens and you need money for a fix-it. Get a home equity loan. Please do not take out a reverse mortgage.
You may not be of an eligible age but please listen. This was the stupidest thing we ever did.
I know your good feeling. Enjoy the freedom.
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but wasn't that property tax bill coming around when the mortgage was due anyway?
pepperbear
Apr 2013
#68
sure, but it's incorporated into your monthly payments, so you don't feel the pinch the same.
spanone
Apr 2013
#82
Well done. Now, can I interest you in a rennovation loan? reverse mortgage? maybe just
HereSince1628
Apr 2013
#6
I'm jealous too. I took out a second mortgage 3 years ago and now I need a third.
Auntie Bush
Apr 2013
#48