Mortgage Payoff Party ideas - help! - this is BIG for us! UPDATE post #48

[disykat]

I celebrated by posting on the DIS, where I am basically annonymous. I was also raised to believe it was tacky to brag about monetary fortune.

Had we paid off after 30 years, I could see celebrating more publicly because all my friends will have the same opportunity, but we paid off early - something many of our friends have been unable to do.

I would actually have no problem celebrating with others, but would not feel comfortable asking others to celebrate with me. To me, it would feel like showboating. I also don't post my kid's GPAs on facebook etc.

 

[QVCshopper]

We paid ours off 6 years ago, which was 26 years early... To be honest, I'm a little embarrassed by it. The few people I've told in real life act strange over it, think we are rich, etc. if I were you, I'd tell my very close friends and family and keep it at that. And my brother and close friend always keep me updated on how close they are to paying theirs off, which is great, but I'm pretty sure they thought our idea was great and they want to do it, too.

 

[wendow]

I'm not really sure how we would celebrate but I just wanted to say "Congrats!!". It is a wonderful accomplishment that I imagine took much sacrifice and self-discipline. We are on the Dave Ramsey plan and are debt-free other than our mortgage. Even just that feels good to me so I cannot imagine how great being free of a mortgage would feel

 

[ruadisneyfan2]

Looking to make our *final* payment in person at the bank on Dec. 31, 2012. Gotta keep up our momentum - we've been hyper-focused on paying this off for the past couple of years and, if we can do it, we will be almost nine years early! It is never too early to start planning this once-in-a-lifetime party - love to hear any crazy and fun ideas for a celebration you can think of! Short of taking a couple of marching band members to the bank with us, what else do you have? (Believe it or not, I thought of this!) It sure helps that it is New Years Eve, too...

I would do a Disney cruise!

That's great OP, however you choose to celebrate!

 

[mrsklamc]

This month's Real Simple has a variety of 'alternative' s'mores recipes. Maybe a s'mores party for marshmallow roasting over the fire you burn your mortgage in?

 

[sweetdana]

We went to Disney World to celebrate. I wanted to wear the "I'm Celebrating" button and put on there paying off my mortgage, but my husband thought I was crazy, so I didn't.

This sounds better than having friends and fam over ..it would seem braggy/boastful, and you do not want anyone asking for assistance with $$ later cause of it.

 

[mrsklamc]

Does a graduation party seem like its bragging? Hard work, a little luck, & discipline are required to reach a goal- pretty much the same thing. Or can someone have a party when they lose a hundred pounds? Or is that bragging too and might offend someone with a metabolic disorder?

Anyway... OP is having the party and it sounds like the invitees are aware already and not offended, so the thread is about ideas for the party, not whether she should have it.

 

[nunzia]

Wow, our mortgage is scheduled to be paid off in a little less than 5 years and I'm already imagining the fancy dinner we will treat our friends with.....a very upscale local restaurant. I figured we would go not when we pay the last payment, but when the payment is usually due and treat these good friends....Basically we'd pay for an amazing dinner with the money we'd have made the mortgage payment with. A ridiculous splurge, perhaps, but I am already dreaming about it.

I guess I'll have to second guess myself about it now.

Jluia

I think that's a great idea. It depends on the person and their circle of friends if this would be a great sharing time or would be considered inappropriate, and can only be determined by the person. That sounds like a lovely event and people who have watched the dedication it took to accomplish the goal will want to celebrate with you and maybe be motivated themselves.
We should have ours paid off early next year, but I haven't given a thought to a celebration and probably won't have one, but just becasue it isn't something I'd do doesn't mean it's not a great idea for someone else.

 

[hops&dreams]

My parents paid theirs off when I was 13. I remember that because I was in 8th grade, and my parents had a dinner at our house with only my God parents and those SUPER close to us. (my family is really big, so normally a party turns into >45 people really quick!). When I asked about it, while dessert was being plated, I asked why everyone was over, and my dad explained motrgages to me. He explained how they (my parents) had worked very hard to pay it off, and that the people that were there had all worked hard with them - they had loaned them money for the down payment (my parents got screwed out of another house and didn't have a down payment - all of their friends pooled their money together and loaned/gave them a down payment - THOSE are real friends!), watched me and my sister between shift changes, or so my dad could study when he was finishing up his masters (on a full ride at Notre Dame) so that my parents didn't have to pay sitters, shuttled me and my sister to/from school practices, etc, when my parents were working overtime, that kind of thing. For my parents and their culture, they didn't do it on their own, and just having everyone over for a nice dinner and acknowledging everyones efforts was enough. Over dessert, we talked about the things we could do with the next mortgage payment (which was a family budget vacation to Macinac Island - my parents ended up paying the whole hotel bill for all their friends & their families who came too - it was a bed and breakfast - SUCH a great vacation!!!) and the crazy things we'd done over the years to save a buck.
The one weird and crazy thing we still talk about - driving down to WDW. On the way home, we got caught in a BLIZZARD and had to stop for a full day because they shut down the highway where we were. We were still far enough south that they didn't have snow plows, and we slept in the van.

Whatever you decide, congratulations to you, OP on your accomplishment. I'm sure that what started out as a huge sacrifice probably became habit, and finally paying off that mortgage is a sure sign of the changes you've made in your lifestyle to accomplish a terrific goal. It is cause for celebration - reaching that goal!

 

[MapleGirl]

CONGRATULATIONS OP!!!!!!!!!!
And congratulations to all the other folks out there who have done the same! You are truly an inspiration. DH and I are working towards this goal. We had massive debt (credit cards, car, student loans) just over a year ago. I heard about Dave Ramsey on the DIS and read his book. Through a lot of hard work, luck and a very sweet loan from my Grandmother we are now credit card, car payment and (almost) student loan free. We are now working on paying my grandma back and paying off our mortgage. In 10 years we expect to be completely debt free. That's free and clear before we turn 40!

Anyway, to answer the OP's question: You could watch those classic TV episodes were people pay off their mortgages. PP have mentioned M*A*S*H and the Waltons. I know there is an Everybody Loves Raymond episode as well. I like the idea of having a fancy dinner for your support team. If you don't want to cook you could have it catered in your home. For at the bank you could wear a party hat and carry balloons. But I think the best idea is go to WDW to celebrate. That is what I would like to do.

 

[brymolmom]

Congrats OP! I like the big fancy dinner out idea myself OR, of course, a WDW trip (maybe even mix it up with a DLR trip instead).

Makes me a bit sad that we decided against paying extra on our mortgage when we refinanced in January. We used to before when our rate was 5.75% but we got such a great rate this time around - we decided to put the difference between what we would have paid extra into the kids' 529's instead (since they are under-funded).

So we are 9 and 1/2 years away from paying it off. I know the time will fly by...and it will be just about perfect because as we pay it off our 2nd child will be heading to college. But I still would love to be able to say that it will be paid off a lot sooner than that...

 

[PinballFamily]

OP again - thanks to everyone for taking the time to respond. The "tacky or bragging?" etiquette issues swirling around might concern others, but not us, given our VERY intimate family/gang.

I've had fun doing online research for ideas and our kids came up with a few on their own. We're probably fairly unique in that our "bank"/mortgage holder is a small local credit union. (Gasp...a helpful and cheerful actual human answers their main phone line before the second ring and the employees have literally been cheering us on for years as we've been slowly chipping away at the mortgage principal.) So, that's why we want to do the payoff in person - we kinda have a "Beaver Cleaver/It's a Wonderful Life" neighborhood. Plus, it will just be fun!

Other ideas the kids and DH came up with or I found online, in case anyone else is interested (whether you are thinking of a huge blowout and inviting everyone in your zip code, or just you and your spouse):

A photo of us on payoff day in front of the house with a sign that says "Don't laugh, it's paid for!"

Noisemakers and party horns as we walk into the bank. (It WILL be New Years Eve!)

A house-shaped cake or a cake with a photo of our house on it or Shaker-inspired cookies in a house shape with a heart cutout in the center.

Maybe hand out "house" cookies to the bank staff? Or bring a breakfast pastry tray for them to enjoy?

A "Dollar Menu Choices Only" lunch at McDonalds! (The kids are all over this one!)

But, the best one of all - at least to the sentimental, nerdy, history-major-type that I am: inserting a "mortgage button" into the newel post of our staircase. Never heard of this before stumbling across references online last night, but it is either a 1800s New England or 1800s Southern or totally made up (!) tradition where a nickel- or quarter-sized ivory disk is placed in the top of your newel post on the day you pay off your house - symbolizing that you now own this dwelling free and clear. I'm stunned at the number of old houses (like ours is) from Nantucket to Virginia to Michigan which apparently have these. Sometimes these buttons are plain or turned, or sometimes are monogrammed with initials and/or the payoff date. They are also apparently known as "amity buttons" or (yes!) "brag buttons." Some are merely decorative and some actually cover up a hole that is made to stuff the old loan papers or their ashes within the newel post. Google it for more info. Who knew? This is a ceremony our family would enjoy! And we would be the only people who would notice it and care that it is there...

Now, to keep up our momentum and hope the home repair gods keep smiling upon us for the next six months - so we can hit our target to pay this sucker off! This is certainly a "once in a lifetime" event for us (unless we can witness our kids do the same thing with their future mortgages)...I hope someone will carry me feet-first out of this shack someday...since I will never borrow this much money again!

Good luck to everyone who is also working towards a similar goal and congratulations to those who have hit it already!

 

[cluvsdisney]

I hope I'm not the only one who remembers the M*A*S*H episode where Mildred Potter pays off the mortgage, and sends it to Korea for Col. Potter to burn, lol.


That's always been my vision when ours is paid off (burning the papers, not sending them or my DH to Korea!)

I just saw this episode a couple of weeks ago. The first thing I thought of was All in the Family when Archie burned his mortgage papers.

 

[malibuconlee]

I hope I'm not the only one who remembers the M*A*S*H episode where Mildred Potter pays off the mortgage, and sends it to Korea for Col. Potter to burn, lol.


That's always been my vision when ours is paid off (burning the papers, not sending them or my DH to Korea!)

THANK YOU!!! That was the first thing I thought of.

 

[veraletta]

I found out last year they don't send out mortgage" papers any more.
Our last loan company was threw Chase, and even the city or town records didn't send out any papers, I was told to go online and copy them. Which we did, but I did think it was odd...

 

[Swan4Me]

OP again - thanks to everyone for taking the time to respond. The "tacky or bragging?" etiquette issues swirling around might concern others, but not us, given our VERY intimate family/gang.

I've had fun doing online research for ideas and our kids came up with a few on their own. We're probably fairly unique in that our "bank"/mortgage holder is a small local credit union. (Gasp...a helpful and cheerful actual human answers their main phone line before the second ring and the employees have literally been cheering us on for years as we've been slowly chipping away at the mortgage principal.) So, that's why we want to do the payoff in person - we kinda have a "Beaver Cleaver/It's a Wonderful Life" neighborhood. Plus, it will just be fun!



Noisemakers and party horns as we walk into the bank. (It WILL be New Years Eve!)!

I wouldnt do this

 

[mjkacmom]

I don't know anyone who told others about paying off a mortgage. It might be because finances are never discussed here - not with best friends or family. However, it could be because of property taxes - mine are close to half of my monthly payment, and they're not ever going to go away! So, even when we pay off our mortgage, we will still be paying $1000 a month anyway.

 

[JB2K]

I would just quietly celebrate with my husband, and maybe one or two very close friends. I would not want to have a big 'once in a lifetime party' because I'd worry that people would see it as bragging.

OP "bragging" that she was a responsible homeowner is something to cause concern with the neighbors??? That's a new one on me...

In this time of economic uncertainty and people using their homes as their personal ATMs, I applaud OP for having the forsight to make this happen.

Note to OP: Celebrate as you see fit...

 

[Dorisk3]

I would just quietly celebrate with my husband, and maybe one or two very close friends. I would not want to have a big 'once in a lifetime party' because I'd worry that people would see it as bragging.

Totally agree with this. It is wonderful and excellent that you paid off your mortgage, and I don't mean that sarcastically, it is a very smart accomplishment.

Bottom line though, no one else really cares.

 

[CaliforniaDreamin]

Have a ceremonial "burning of the mortgage" papers.

You beat me to it! This is what my in laws did when they paid off their mortgage. Have a big ole bonfire!