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04-07-2018, 05:14 AM
(This post was last modified: 05-09-2018, 04:16 PM by Martin.)
One of the best things you can do for yourself before you retire is to pay off your house and debt so that is one less stress factor.
A lot of people make the mistake of buying a mortgage too high for them to pay off before retirement which has some pretty steep consequences. When retired you will not be making the same money you were before so you'll be even more pinched for money if you decide to retire before paying off your mortgage. It's very important when agreeing upon the term on the mortgage that you keep in mind when you want to retire. I've heard some horror stories of elders getting their homes repossessed due to not being able to pay the mortgage. I've also heard stories where the home owner died and the debt went to the family.
If you retire when you plan to retire will your home be paid off? If not how much will you still be owing on your home and how to plan on having the money necessary to pay off your mortgage?
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I think I won't be able to retire until my house is paid off, because otherwise I will not likely have the funds to be able to repay my mortgage.
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It's a very silly thing to do by leaving one's debt for another to take the responsibility of paying it. I would never leave a penny of my debt out for anyone to pay it off for, I'm definitely going to pay it to the last penny and make sure that I retire in peace.
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That's an obvious question. Of course! I'll make sure first that I have paid all the credits that I need to pay before I would retire because that's the purpose of my work, to ensure my future and everything in the first place.
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I do not have my own house yet, I live in my father's, but now he is already gone. When he got laid off from work, he received a sum of money for his services for the company. What he did was he paid in full the remaining balance in our house. So if I choose to live here for the rest of my life, I would not have any problems whatsoever.
When I get the opportunity to purchase my own, I will try my best not to ask for a loan from a bank. I'd select housing institutions or housing developers instead like Pag-Ibig. Here in our country, interest rates from banks are outrageous and not reasonable enough, and the time frame to pay it off usually is only 5-10 years max whereas, with developers you can have it payable for 20 years.
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I do not have a mortgage on my house and I don't intend to make any, I did borrow money from a bank to buy a car and now I am in debt for five years. I will never mortgage my house because I will be at risk to lose it in time.
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06-10-2018, 08:13 PM
(This post was last modified: 06-10-2018, 08:16 PM by Ronny.)
I bought a house rather later in the game. So in order to be safe I have a mortgage that goes past age 65, but I have an early repayment plan to pay it off before that date. I didn't want the mortgage to be too tight in there are changes in my health or income which might lead to me missing mandatory payments. That said, I have no idea when I will actually retire. I like my work so I will probably be retiring more when I have to rather than at the first opportunity.
As for people saying they will never mortgage their house, way to miss the point mate. People don't get mortgages that last for decades for fun, but because they don't already have a paid off house. Not everyone is rich or inherits a house. We have to get mortgages and pay the house off.
