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So this morning we paid off our mortgage. We own the house. (Original Post) Shrike47 Apr 2013 OP
congrats! did it around 13 yrs ago. spanone Apr 2013 #1
Same here dipsydoodle Apr 2013 #2
sure does, until that property tax bill comes around... spanone Apr 2013 #31
That differs here dipsydoodle Apr 2013 #37
but wasn't that property tax bill coming around when the mortgage was due anyway? pepperbear Apr 2013 #68
It probably just went to the mortgage company Animal Chin Apr 2013 #70
Roughly half my mortgage payment went to taxes and insurance. ieoeja Apr 2013 #71
sure, but it's incorporated into your monthly payments, so you don't feel the pinch the same. spanone Apr 2013 #82
Congrats malaise Apr 2013 #3
Did that about 18 month ago. The Velveteen Ocelot Apr 2013 #4
Your house sounds like my house! CrispyQ Apr 2013 #56
It's a damn good feeling, isn't it? ret5hd Apr 2013 #5
Well done. Now, can I interest you in a rennovation loan? reverse mortgage? maybe just HereSince1628 Apr 2013 #6
Thank you, no. No. Shrike47 Apr 2013 #7
I had to harass my bank into not sending those to me. AtheistCrusader Apr 2013 #21
Good move. That happened to me. Yavin4 Apr 2013 #54
Well then how about a reverse mortgage then? zeemike Apr 2013 #23
God, I hate those things Hekate Apr 2013 #73
Congrats!! PD Turk Apr 2013 #8
congratulations. barbtries Apr 2013 #9
How wonderful! LiberalEsto Apr 2013 #10
Wow! Le Taz Hot Apr 2013 #11
Congratulations! femmocrat Apr 2013 #12
What a rare achievement these days eissa Apr 2013 #13
We did that a couple of years ago. GoneOffShore Apr 2013 #14
House SamKnause Apr 2013 #15
Congrats! City Lights Apr 2013 #16
Congrats to you! Great feeling, isn't it? mnhtnbb Apr 2013 #17
What an incredibly happy day. Mira Apr 2013 #18
Well done! Granny M Apr 2013 #19
congrats !!! unionthug777 Apr 2013 #20
Expect Bank of America SwankyXomb Apr 2013 #22
haha, just what I was thinking nilram Apr 2013 #69
o/` [victory fanfare!] o/` (nt) Posteritatis Apr 2013 #24
That was the day we went out for a steak dinner skydive forever Apr 2013 #25
Congrats! Marrah_G Apr 2013 #26
Been There did that coljam Apr 2013 #27
Congratulations! RKP5637 Apr 2013 #28
congratulations! yonder Apr 2013 #29
very happy for you! secondwind Apr 2013 #30
Awesome! mahina Apr 2013 #32
Happy Dance!!! BumRushDaShow Apr 2013 #33
congrats ! expect to do that this year ... littlewolf Apr 2013 #34
Same way we did it. nt Stretch714 Apr 2013 #45
Congratulations! Right behind you. reflection Apr 2013 #35
must be nice... congrats! DCBob Apr 2013 #36
Congratulations!!! CountAllVotes Apr 2013 #38
That's great! RiffRandell Apr 2013 #39
Be sure to record ArcticFox Apr 2013 #40
Time to paint the front door red! Spitfire of ATJ Apr 2013 #41
That must be an amazing feeling. Ruby the Liberal Apr 2013 #42
Thanks, everybody. Shrike47 Apr 2013 #43
Congrats. My wife and I just sent the payment off last week to do the same. Stretch714 Apr 2013 #44
Fantastic!!! greytdemocrat Apr 2013 #46
Congrats. I'm soooooo jealous. Auggie Apr 2013 #47
I'm jealous too. I took out a second mortgage 3 years ago and now I need a third. Auntie Bush Apr 2013 #48
congrats!! Liberal_in_LA Apr 2013 #49
Message auto-removed Name removed Apr 2013 #50
Maybe you forgot the sarcasm smilie??!!?? Jazzgirl Apr 2013 #59
CONGRATS!!! gopiscrap Apr 2013 #51
Well done! DocMac Apr 2013 #52
Congratulations. JDPriestly Apr 2013 #53
Feels good doesn't it!! Historic NY Apr 2013 #55
Congrats! It's a great feeling! CrispyQ Apr 2013 #57
May I suggest that you... Bay Boy Apr 2013 #58
Big Congrats! ellisonz Apr 2013 #60
Congratulations! Phentex Apr 2013 #61
CONGRATS!!!! Myrina Apr 2013 #62
Congratulations! onestepforward Apr 2013 #63
Congrats Shankapotomus Apr 2013 #64
Envious! Arugula Latte Apr 2013 #65
Congrats War Horse Apr 2013 #66
I'm jealous. It's impossible where I live. Property taxes are more than half our monthly payment. nessa Apr 2013 #67
Congratulations! It is a great feeling, isn't it? Hekate Apr 2013 #72
Congrats, dude Prophet 451 Apr 2013 #74
Its the state's house if you dont pay your Prop. Tax ErikJ Apr 2013 #75
Congratulations! Baitball Blogger Apr 2013 #76
What an exciting day.May I give you some advice? Paper Roses Apr 2013 #77
mazel tov Danmel Apr 2013 #78
CONGRATULATIONS!! Bertha Venation Apr 2013 #79
Totally awesome....... AnneD Apr 2013 #80
Damn! I just paid off my 2nd! Good for you! Walk away Apr 2013 #81
congrats!!! gopiscrap Sep 2013 #83

dipsydoodle

(42,239 posts)
37. That differs here
Mon Apr 29, 2013, 06:59 PM
Apr 2013

my council tax is £1400 a year which is less than the poll tax was early nineties. Please don't ask me to explain how our councils make up that difference.

 

ieoeja

(9,748 posts)
71. Roughly half my mortgage payment went to taxes and insurance.
Tue Apr 30, 2013, 02:29 PM
Apr 2013

Still, it did cut my "mortgage" in half when I paid it off.

Just one of many costs average Americans have to bear because of the Reagan tax shift from federal income to state and local taxes.


spanone

(136,229 posts)
82. sure, but it's incorporated into your monthly payments, so you don't feel the pinch the same.
Tue Apr 30, 2013, 05:21 PM
Apr 2013

once i paid off my house, i get a yearly bill from the city...one lump sum.

The Velveteen Ocelot

(116,598 posts)
4. Did that about 18 month ago.
Mon Apr 29, 2013, 05:09 PM
Apr 2013

It's a huge relief. My house is small and old and dumpy, but at least it's mine.

HereSince1628

(36,063 posts)
6. Well done. Now, can I interest you in a rennovation loan? reverse mortgage? maybe just
Mon Apr 29, 2013, 05:14 PM
Apr 2013

some money for that vacation that you never had because of all those house payments?

Shrike47

(6,913 posts)
7. Thank you, no. No.
Mon Apr 29, 2013, 05:18 PM
Apr 2013

And please stop sending me those blank checks in the mail that I can fill out in a flash and borrow $5,000!

AtheistCrusader

(33,982 posts)
21. I had to harass my bank into not sending those to me.
Mon Apr 29, 2013, 05:57 PM
Apr 2013

I can just see some jerk stealing them out of my mailbox...

Yavin4

(35,524 posts)
54. Good move. That happened to me.
Tue Apr 30, 2013, 11:41 AM
Apr 2013

After finishing school, a credit card offer came to me in the mail. Someone dumpster dove and got a credit card in my name which they used to buy jewelry.

Took paying an attorney $1,000 to get that debt expunged from my record.

zeemike

(18,998 posts)
23. Well then how about a reverse mortgage then?
Mon Apr 29, 2013, 06:00 PM
Apr 2013

Just think...they will send you a check every month so that you can fill that house with the junk you always wanted.
surly there must be something...

Le Taz Hot

(22,271 posts)
11. Wow!
Mon Apr 29, 2013, 05:31 PM
Apr 2013

Congratulations! I'm not sure if I'll live long enough to see mine paid off but we just keep chugging along at it.

mnhtnbb

(31,512 posts)
17. Congrats to you! Great feeling, isn't it?
Mon Apr 29, 2013, 05:51 PM
Apr 2013

When we decided to rebuild--after the fire--we were determined to do it without a mortgage.
Boy. It was tough, but we did it. SO glad. Hubby just retired from doing clinical work
and it's going to make a HUGE difference to not have a house payment.

for you!

 

coljam

(188 posts)
27. Been There did that
Mon Apr 29, 2013, 06:11 PM
Apr 2013

Congrats......

In my neck of the woods we pay 10,000 in real estate taxes sorry you just cant win

yonder

(9,719 posts)
29. congratulations!
Mon Apr 29, 2013, 06:25 PM
Apr 2013

It's a great feeling and welcome relief. We paid ours off in 2008. Just in the nick. of. time.
Congrats again!

littlewolf

(3,813 posts)
34. congrats ! expect to do that this year ...
Mon Apr 29, 2013, 06:56 PM
Apr 2013

30 year mortgage ... did it in 20 ... one extra payment per year ...

CountAllVotes

(20,897 posts)
38. Congratulations!!!
Mon Apr 29, 2013, 06:59 PM
Apr 2013

Good on you!

I did the same myself as soon as I could. My house was not real expensive nor is it luxurious, but it is MINE and no one can take it away from me as long as I pay the property taxes on it.
Insurance is about $450.00 a year. I can handle that!

It was a great feeling and I know how you feel!



Auntie Bush

(17,528 posts)
48. I'm jealous too. I took out a second mortgage 3 years ago and now I need a third.
Mon Apr 29, 2013, 07:43 PM
Apr 2013

I'm in the process of taking out another mortgage because I need emergency work done. Problem is I don't know how I'll be able to handle a larger mortgage payment... but the work has to be done...it isn't an option.

Response to Shrike47 (Original post)

JDPriestly

(57,936 posts)
53. Congratulations.
Tue Apr 30, 2013, 11:38 AM
Apr 2013

I read the other day here on DU about a couple earning $90,000 per year paying off debts of $50,000. Unless that was for a house, education or medical bills, I wonder who in the world ever loaned $50,000 to a couple earning only $90,000.

It takes a lot of work and discipline to pay off your house, but it is really, really important. Now all that is left is upkeep, taxes and property insurance. You are set. Good luck. Enjoy the rest of your life.

Your post made me wonder whether anyone has done a study on who is the most in debt, Republicans or Democrats. The outcome might be surprising.

After the 2008 crash, I was amazed to learn that people I thought were poor did just fine. Some I had believed were better off were really in trouble. They had apparently been living on credit. It's quite strange.

Bay Boy

(1,689 posts)
58. May I suggest that you...
Tue Apr 30, 2013, 12:10 PM
Apr 2013

...keep paying your mortgage? What I mean is pay that same amount into savings account of yours and use it for the property taxes, retirement and some splurging.

Shankapotomus

(4,840 posts)
64. Congrats
Tue Apr 30, 2013, 02:00 PM
Apr 2013

Owning ones own house. What a concept.

Something that should strike us all as a sign something's not right with society when most people don't own their homes outright without a 30 year payment plan. Thousands of years of providing land and shelter for ourselves without so much as needing an "Ok" from anyone and, suddenly, it now just happens to require 30 years of servitude to shelter yourself.

Yea, we're not being sold a load of goods.

 

Arugula Latte

(50,566 posts)
65. Envious!
Tue Apr 30, 2013, 02:01 PM
Apr 2013

Congrats!

We still have 20 to go ... *sigh* At least we've re-financed to get a good sub-4 percent loan.

nessa

(317 posts)
67. I'm jealous. It's impossible where I live. Property taxes are more than half our monthly payment.
Tue Apr 30, 2013, 02:07 PM
Apr 2013

We will never be able to live without a monthly payment, unless we sell and move away.

Hekate

(91,659 posts)
72. Congratulations! It is a great feeling, isn't it?
Tue Apr 30, 2013, 02:35 PM
Apr 2013

We paid ahead for years and managed to save a bundle on the interest, but it was hard work. My husband was determined to cut our 30 year mortgage down to 15, and we managed to do it in 18. It is such a great feeling being out from under the bank.

 

ErikJ

(6,335 posts)
75. Its the state's house if you dont pay your Prop. Tax
Tue Apr 30, 2013, 03:21 PM
Apr 2013

Which was very common in the Great Depression. Millions lost their homes because they couldnt pay their prop tax as prop tax was about the only way states used for revenue back then.

Baitball Blogger

(46,953 posts)
76. Congratulations!
Tue Apr 30, 2013, 03:22 PM
Apr 2013

We would be close to owning it but we had to refinance to pay for college educations.

I learned the value of staying put, however. We were able to refinance at a time when everybody else was under water.

Paper Roses

(7,485 posts)
77. What an exciting day.May I give you some advice?
Tue Apr 30, 2013, 03:28 PM
Apr 2013

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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