UnThreaded | Threaded | Whole Thread (10) | Ignore Thread Prev | Next
Author: Rayvt Big gold star, 5000 posts Top Favorite Fools Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75839  
Subject: Re: To Prepay or Not to Prepay Date: 6/13/1999 9:07 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
<<Do those who have prepaid mortgages regret it or think they did the right thing? Do those who did not think they played it the right way? Any opinions/experiences welcomed.>>

My retired uncle had regrets about having a fully paid-for house in retirement. After what happened to him, all my other aunts & uncles are working on re-financing their houses.

He went to the hospital with minor chest pain, and left with a quintuple bypass. Even with Medicare, insurance, etc. they still had to come up with a lot of money to get him the level of care they wanted. But the bulk of their assets were in the house and other land--very illiquid.

Want to hear a good laugh? Call up a banker and tell him you just had 5X bypass surgery and want to borrow some money. "Retired, hmm? No salary? In a hospital after a major heart operation? And you want to borrow some money?" CLICK!

Don't do it. Keep your assets liquid. My Mom has enough money to buy her new house for cash, but she is getting an 80%LTV 30-year mortgage. You want peace of mind knowing that your house is all yours? How about the peace of mind in knowing that you can pay off your house by making one simple phone call to your stock broker?

Ray
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (10) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Should You Be an Index Investor?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement