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Author: RetiredVermonter Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 19224  
Subject: Re: Mortage pay off Date: 3/14/2008 6:36 AM
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AM:

As long as you maintain a mortgage on your house, you have the chance of losing that house.

How so? Maybe in some cases, but not all.

As retirees, living on mostly Social Security plus a bit of carefully handled additional income, we owe relatively little on our mortgage (maybe about one quarter of the house's value), at a modest fixed rate, and we can make the payments rather easily.

Paying off our mortgage entirely right now would "feel good", yes, but it would also take a large chunk of our savings, and could greatly increase our risk of being in trouble, should some huge, unexpected expense come along.

Everyone needs to look carefully at his/her/their specific situation and "do what works" for them.

Vermonter
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