What age did you pay off home mortgage?

[QVCshopper]

Maybe keep your eyes open! I'm from SE PA and I've seen some good deals. My friend just snagged one!

Care to share? I'm only interested in TE and GV schools; we saw a nice foreclosure recently but it backed up to 202 and the on-ramp with a shared driveway, so we passed on it; it sold in 3 days anyway. That's the first one I liked in over a year.

 

[Jenny3]

We have 20 yrs to go on our mortgage, but I too am more focused on paying off other debt first that has higher interest rates. Once I have those paid off, I will start putting more towards our principle. We ideally want to move in a 3-5 years though, so it's not a priority as we'd be starting all over again. Hopefully next time with a 15 year instead of a 30. We have about $100k equity in our home now, which will be a nice down payment on the next one.

Of course, in 2 years my oldest will be off to college, so we may just stay here forever considering the current costs of that! LOL

 

[bdcp]

We're 52 and 55 an in our 4th home since we've been married (31 yrs). Our very first home in 1982 in VA Beach we had an interest rate of 15 1/2% and refied at 12 1/2%. We thought we'd hit paydirt lol. Our second home we owned for 7 years 1988-1995 and sold for a 6K loss. Yes, we were upside down and we survived. Third home we doubled our money in 8 years and moved into the house were currently in. We put 20% down but used a bit of the equity to send kids to college. We currently have about 17% equity. We refied last week to 3.75, 30 yr. Our plan never was to pay off this house. We do plan to start paying a lot more towards the mortgage in a couple of years and by the time we retire we will have enough equity to sell and downsize to our retirement home. Our 401K's are very well funded and we're still both putting quite a bit in them and we have other investments. Paying off our mortgage was never the end goal, nor could we have stayed in our first home (2 br 1.5 bath two level 1100 sq foot townhouse) for 30 years. We've relocated for DH's jobs a couple of times too.

So, while it's nice that some can stay in a home long enough to pay it off, it's not realistic for a lot of people due to job relocations (military included).

Where we live, avg single family home is over 400K. Our home is worth more than that, but it's large and it's our dream home. Taxes are 9,000/yr.

 

[Friendly Frog]

Where we live, avg single family home is over 400K. Our home is worth more than that, but it's large and it's our dream home. Taxes are 9,000/yr.

Yeah, that is another issue. Property taxes. Here property tax on a 250,000. home is around 6k or more. Thank goodness our homes are so much less expensive than a lot of the country. I can't imagine trying to have a home in some areas.