DH and I have been thinking & wondering about life without a mortgage. Imagine life without no debt! Wow
Have you ever paid yours off & owned your house outright?
How did you do it? As in did you just keep making the repayments for years & years or did you have a strategy?
If you had the opportunity to sell & downgrade to a lesser house with a tiny mortgage (or none) would you be prepared to make that sacrifice?
We currently have an average one & we love where we live. But if we sold up & bought a smaller, older house in a cheaper area, we might be able to get mortgage free. Living with no debt & less stress sounds great. I just don't know i will regret it later on. Decisions decisions...
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26-11-2014 18:00 #1
Have you ever paid off your mortgage?
26-11-2014 18:10 #2
My sil and her husband got a payout from bil's work after he was in an horrific accident. They used the money to sell up, buy a block and build their dream home mortgage free.
They love being without a mortgage, but they are sensible and realise living life debt free is almost impossible. They have a very good finance manager whom they consult on every large purchase. They are currently paying off a pool and a new car.
I think having no mortgage would be awesome, but at what cost? I wouldn't say sil and bil are lucky, because bil nearly died, and this money is little compensation.
In your scenario, the trade off for no mortgage would be having I leave the area you love and move to a place a bit less polished. Could you be happy raising your family there? Would you regret moving? Are the local facilities there as good as what you have now?
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26-11-2014 18:17 #3
26-11-2014 18:36 #4
We've paid off our first mortgage and have no other debts, two cars, but we have been looking to upsize for quite some time. That will put us back at square 1, but this time with only one income, 4 kids and just as sizeable, if not larger mortgage.
We've still got a bit of a uni student mentality. DH has made one stupid financial decision in this time but otherwise put all our money into it.
26-11-2014 18:51 #5
To answer your question, no we have never. Ours won't be paid off until I'm back at work at least 4 days per week and probably once my 2 boys finish primary school.
I'm hoping that once they're both in secondary school we are mortgage free and can focus on their education, cars and our super!
Last edited by 2BlueBirds; 26-11-2014 at 19:02.
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