We paid off our mortgage n full - what a happy day!

[old mark]

We bought an old (1920) brick end-of-row house in October of 1999. Mortgage was around $530 a month...we just paid it off in full and they are sending us the paperwork to get our deed from the county office.

We had been looking at a "nicer" house, on a much larger lot, for much more money, but at the last minute we got some bullshit from the sales person regarding a "sudden increase in mortgage rates" and didn't go for the deal...found this house for sale by owner a few days later, and loved it-it has a large stone patio and double size yard, is a double wall brick with stone basement. We put some money into it to make it better for us to get old in, and plan to stay for life.

It is a small, old house, but it is still 8 rooms, 3 stories...we added a bathroom downstairs, and put in a wood pellet stove, which heats the whole place for very little money.We had new double glazed windows made and installed, and the outside wood trim painted.

We designed a garden, planted shrubs and fruit trees, and made it our own place over tha years, and it is a very happy place for us...I'm very glad we went for smaller and easily affordable over "nicer" and years of struggle to meet the bills.

Just wanted to pass this along.

mark

[Paper Roses]

1. Happy for you, old mark, now don't do what we did.

We paid off our mortgage years ago. It was a great feeling. As we aged, this old house needed work for which we did not have the money. Took out a Reverse Mortgage. What a mistake. Ranks right up there as the 'worst thing we ever did'.

The house needed new siding and along with that, a new furnace.

The cost of this mortgage is beyond belief. My husband has since died. I have no money except S.S. and that is not much. I will not request any funds from whatever company holds the mortgage now. They have rec'd so much equity from this house, it is not even believable.

Sometimes we do things that seem right at the time and then...turns out it is a bad decision.

I really don't know who holds this reverse mortgage now. They all buy and sell these things left and right.
For all I know, the Sultan of Brunei owns me now.

[old mark]

2. I am very sorry to hear about your problems with the reverse mortgage -

I heard many great things about them, but then I started to hear stories like yours, which seem to be the norm now...Our mortgage was sold as well, which was one reason we are so glad to get out from under it. The company that has it now(PHH) has a pretty bad rep according to several online consumer sites, and we have had increasing difficulty dealing with them recently - They just don't want to speak to anyone, and are very difficult to contact.

I'm sorry about your mortgage problems - maybe someone here knows of a possible solution?
It might be advisable for you to talk to a lawyer.


mark

[Sienna86]

3. Congratulations!

That must be a wonderful feeling. I think it is a raity now to pay off one's mortgage, although several neighbors have shared that they are within years of doing so also. You obviously made a lot of good decisions over the years with your home. It sounds lovely.

[old mark]

4. It has become very comfortable and secure for us - it makes us FEEL GREAT

just to be here.
One of the best things I learned from my dad seems very simple - buy a house you LOVE, because they all need work and investment, and if you don't love it, you will come to hate it.
Our house it a joy and comfort for us, and we did have several fights and struggles over the years to get to this point, so it is a real achievement.

Thanks.

mark

[txlibdem]

5. You won the argument, sounds like.

My wife and I had a similar discussion in '05 when shopping for the house we are in now. I wanted a smaller house on 8 acres that needed a bit of work -- but we could have paid cash for it. My wife wanted a "complete turn key" and pretty this and that, in a subdivision. We argued for about a week but she wouldn't budge. She wanted to buy a house that was $80,000 MORE than the one we ended up getting at one point. I'm pretty sure that was her way of anti-bartering, and sometimes you have to pick your battles so I handed all the house decisions over to her. So the two of us are in a too big house and one illness or serious repair bill away from losing this house.

Fast forward to today, I'm unable to work due to a disability, she is working two jobs, 6 days a week, 12 hrs a day just to make ends meet. She recently told me that this whole mess is MY fault. Now that is either an amazing job of rewriting history. She racked up over $10,000 in credit cards and we had to refinance 2 years ago. We're never going to pay this house off; I feel it in my bones, the bank is going to own it and all our equity will go "poof" within 5 years. She's already drained out the "mad money" account and now the "safety net" account is gone as well. I think her credit card habit is going to cost us dearly.

Just take our crappy example as a congratulations on making the proper choice back then.

[NMDemDist2]

6. it's a wonderful feeling isn't it?

in 2006 we were in PHX and the DU economics forum had convinced me there was a HUGH!! housing bubble, our biz got outsourced and we were at loose ends, i told hubby "Let's grab the $$$ and run!" so we sold our heavily inflated home in AZ and moved to rural NM and paid cash for an acre and a 1500SF mobile.

happy as ducks in a desert we are :evilgrin:

now i'm slowly bringing the recovery community up to snuff :hide:

:hi:

[xmas74]

12. That's what I'm looking at.

I've found some older model trailers that I could buy outright. Now I'm looking at a couple of acres. The plan is to move a trailer out there, rig it up with utilities (I know, that can get a bit pricey), and then maybe add a three season room to the back along with any work needed inside.

I could have it paid off quickly and have plenty of room for fruit trees and a huge garden spot.

[NMDemDist2]

13. our trailer was 10 years old when we bought it

look for 16" center studs and 2x4 construction in the walls, also watch out for the polybutylene plumbing (gray plastic that is difficult to work with and has a bad habit of leaking) that was outlawed in 1995, so any trailer after about 1996 is probably safe.

here's a good website to check out before buying a used trailer

http://www.inspectapedia.com/structure/Mobile_Home_Plumbing.htm

then once you're a proud owner, let me know, I know some good tricks to take the 'trailer trashy' out of the trailer decorating :evilgrin:

[xmas74]

14. Thanks!

I remember reading an interior decorating magazine years ago that interested me. Someone had some land in a wooded area and purchased a few trailers. They made them all look fantastic-you'd never know what they were until someone told you. They rented these out and made decent money. Ever since reading that I've thought I could buy a trailer and make it cute if I wanted.

I just want some land, a small place for me and my daughter and maybe a three season room. Oh, and I want to be in as little debt as possible while living that dream.

[NMDemDist2]

15. here's a thread (or two) of what we've done with the place

ours is what I call a 'single wide and a half' it's 18' wide (single is 12', double is 24' of course)


http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=287x7965

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=287&topic_id=7315&mesg_id=7315

and finally, our summer project

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=287x8930

in the rooms we don't live in every day (the den and guest room) we just painted over the expansion strips and they look fine, here's a pic of the den

I got that paint for $5 (it was a wrong custom color) and it really works in that room (hubby's man cave)

[xmas74]

16. I'll have to sit down

and look them over. I thought that Pergo floors would be good-easy to put in and durable.

[NMDemDist2]

17. actually in a mobile, they aren't a very good choice

we put them in the first month we were here and since the subfloor flexes so much the tongue and grove has all broken in heavy traffic areas

if i had to do it again, i'd put in some of that really nice thick vinyl flooring (and i probably will in the next few years)

[xmas74]

18. Thanks for the advice!

I need quite a bit when I do buy a place.

[Mira]

7. Huge Congratulations! Not much feels better and helps you sleep better. n/t

[Melissa G]

8. Congratulations!

I hope to join you come October of this year! :toast:

[Lucinda]

9. I am thrilled for you!

I was beside myself over just paying off a car loan. If I had a home paid for I think I would probably be able to levitate from sheer joy. :)

[horseshoecrab]

10. Wonderful!

Congratulations mark!

Your home sounds just lovely. What a great feeling it must be to have the mortgage paid in full! :-)

horseshoecrab

[XanaDUer]

11. Congratulations!

nt.