Paying off your mortgage is one of those wise tips that everyone should adhere to if they can. There is nothing like having the freedom that you feel when your home has been paid off. You no longer have to worry that some banker will not come to your door one day and say that you have to leave because your property now belongs to another person.
As you get older, where you live will become a larger issue than what it is today. This is because people are losing their homes every day for a multitude of reasons and non-payment is the largest category. No matter what the reason is when you don’t have a place to live in that is STRESS.
I have learned through life lessons that people will help to feed you, they will help to provide clothing, but they won’t allow you to live with them. As a result, your living accommodations will be strictly up to you to manage and if this is not handled properly you will be in a tough spot.
So while you are younger and have the means to purchase a home you should do so. Owning a home is a process that you won’t ever forget because it requires so much to obtain. However, once you get the keys to your home you will be glad that you did. And when you are older and get the opportunity to pay your mortgage off while your health is still good, it is even more gratifying.
A couple of years back when I finally made my last payment, the banker congratulated me and said that they had not had a person paid off their loan in a while. The banker also advised that I was eligible to receive a line of credit with them which was one of their perks for paying off the mortgage.
I declined this invitation because it was another way of getting me back in the game of debt like they had before. I politely told the banker that having to pay that monthly bill for years was stressful for me and my family and I wanted to get rid of that ball around my neck.
I also recall that I had seen several people who I know who lost their homes in default and that scared me to death. They had no place to go and it was a nasty experience that I hope never to be in.
Relatives and your children may take you in for a while, but sooner or later that will come to an end. It’s not that they don’t want to help, but as people’s families grow, having extra space runs out. However, if you have your own place, paid in “FULL” you can call the shots and that is what you want the most when you get older.
So if you get a chance to pay your mortgage off, please do so. This is one of those stressful situations that you can’t wait to get rid of. Once you have done so, you can use the mortgage funds for something else that you truly enjoy.
This mortgage payoff process worked great for me and my family and I hope that you do the same. So if I was you, I would do whatever it takes to pay off your mortgage as soon as possible. You can do so by doubling your payments when you’re able to do so, you can make an extra payment a few times a year, you can pay down on the principal when you receive your tax refunds and etc. In other words, you can get this done with some extra work on your side. If you do, you won’t be sorry that you did later on.