No. of Recommendations: 27
I've got two paid-off homes and two with mortgages. I've been struggling with the idea of paying off one or both of the two mortgages. I'm naturally inclined towards the "don't owe anything to anyone" mindset, but I've been getting more ROI on my stash than the mortgage interest takes away. It's really troubling me.

I've never had the "don't owe anything to anyone" mindset but my wife has it strongly. Since all our retirement savings goals are being met, we decided to pay off the mortgage because it was more important to her to be debt-free than it was for me to squeeze a few more dollars into retirement savings.

Another contributing factor is that I've got an insurance pay-out check for a new roof, and I've got to get it endorsed by the mortgage holder. In order to get that, they want me to send them all kinds of documentation about the roofing contractor, the scope of work, etc. I've been thinking it would just be easier to pay off that mortgage and have the insurance company reissue the check in my name only.

You probably saw my posts on my recent insurance claim for a new roof. I had to go through the same send the check and documentation to the mortgage company so I could get back a check in my name only. My wife and I had been discussing when in the next few months to pay off the mortgage. When I received a call from the mortgage company on a Thursday that now an inspector had to come out and inspect the repairs inside and outside the home, I told them I was very busy at work and that they could call the following week to schedule a time. Then that night, I transferred the necessary funds to my checking account. On Friday the next day, I went in my credit union and wired the money to the mortgage company that day.

This brings up a sore spot I had with the mortgage company. Even though the first representative told me there no fees involved, when it got my payoff amount in an email, there was a $10 fee for them computing the payoff amount. I called and no matter what I said, they wouldn't waive the fee. To make sure they were completely paid off, I sent an extra $0.05 to them. Now that amount sits in an escrow account down there. I'm going to call weekly until I see a $0.05 check arrive in the mail. My hope is that they spend much more than the $10 fee they charged me to take care of this matter.

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