Burning the mortgage?

[SplshMtn99]

For those that have paid off their mortgage, did you do anything special like "burn the mortgage"? Its an old phrase & I vaguely remember my parents doing something when I was young, but can't remember what. I'm smart enough to burn a copy of it & not the real paperwork. lol

I'm trying REALLY hard to have it paid off by Christmas & thought that would be a nice time to "burn it".

How did you do yours? I obviously don't want to burn the house down. lol We have a wood pellet stove, but I've never tried putting paper in it.

 

[Tanuki]

There is an old tradition of putting a round ivory button (fake ivory nowadays)
on the newel post (the large post at the bottom of the bannister) which was called a "mortgage button" to signify that the house was paid off. The older ones were plain but later people started getting them with the family initial. You can see them sometimes in historic homes. If your house has a staircase you can order one online from some of the companies that do custom scrimshaw. Congratulations on paying off your mortgage!

 

[RitaE]

When my parents paid off their house the bank sent them a duplicate contract marked "Paid In Full" and a matchbook. It was kind of cute.

 

[daisax]

I remember Archie Bunker burning his (in the living room over a trashcan, if I recall correctly!)

That's the only time I ever heard of anyone doing it.

 

[Master Mason]

I don't know if they started it, but Burning the Mortagage has been a long standing Masonic tradition, Just about any lodge you go into there will be a little glass jar of ashes on display.

 

[SplshMtn99]

When my parents paid off their house the bank sent them a duplicate contract marked "Paid In Full" and a matchbook. It was kind of cute.

 

[mytwotinks]

They did that on 8 is enough! I've wanted to do that ever since I was a little girl. I hope to have the chance in about 10 years!

Congratulations!!!!!!

 

[mumom95]

My parents paid off their mortgage, and paid my last college tuition payment all in the same month.

I don't know if they did any burning, but I do remember they threw a heck of a party for all the neighbors on the street. I think they probably spent the equivalent to one months mortgage and one sememster of college on alcohol for that night. A couple of the people that lived on the street were cops for the city I lived in, so they were even able to get permission to block of the street.

 

[dvcfamily41801]

As a real estate title clerk....PLEASE do not burn the mortgage! So many times people have done it and attached to the mortgage was a satisfaction piece that has to be recorded in the courthouse to remove the lien from your home. It is a mess to try to track down the sat again.

A big CONGRATULATIONS on paying off your mortgage though!!!!!!

 

[SplshMtn99]

As a real estate title clerk....PLEASE do not burn the mortgage! So many times people have done it and attached to the mortgage was a satisfaction piece that has to be recorded in the courthouse to remove the lien from your home. It is a mess to try to track down the sat again.

A big CONGRATULATIONS on paying off your mortgage though!!!!!!

Don't worry. As I stated, it would be a COPY. I've been an asst bank mgr & insurance agent, so I'm not stupid enough to burn the original. As for the paperwork attached to release the lein, our "mortgage" is actually only a home equity line that we'll be keeping open. We refi'd the fixed mortgage to a HELOC years ago because we owed so little, the rate was great & no closing costs. Regular mtg refi (with closing costs) made no sense for us.

So even though it will be paid off, it will remain open. I still want to celebrate paying it all off though.

 

[agentpleakley]

I remember Archie Bunker burning his (in the living room over a trashcan, if I recall correctly!)

That's the only time I ever heard of anyone doing it.

Me too

 

[SplshMtn99]

Why do I not remember any of these TV shows doing this? I watched them. lol

 

[agentpleakley]

Why do I not remember any of these TV shows doing this? I watched them. lol

Don't feel bad - I thought I never missed The Jeffersons. I only recently learned that Jenny had a brother.

 

[tink_n_pooh]

I have never heard of the burning of the mortgage before but I know of a family that had a huge party and they actually advertised the rotfl: They put signs up by their house (they live on a state road/highway) and they charged everyone to come to their party