Did you tell anyone you paid off your mortgage?

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ByThePond
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Re: Did you tell anyone you paid off your mortgage?

Post by ByThePond » Sun Nov 12, 2017 7:37 am

abuss368 wrote:
Wed Apr 30, 2014 1:38 pm


Are you serious?
Mortgage-burning parties were a long-established custom, and a reason for celebration of someone's good luck or achievement. Not much different from celebrating a wedding, birth or other joyous landmark in life. I don't know when they fell out of favor, but you don't hear them much anymore. Not PC?

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abuss368
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Re: Did you tell anyone you paid off your mortgage?

Post by abuss368 » Sun Nov 12, 2017 8:36 am

ByThePond wrote:
Sun Nov 12, 2017 7:37 am
Mortgage-burning parties were a long-established custom, and a reason for celebration of someone's good luck or achievement. Not much different from celebrating a wedding, birth or other joyous landmark in life. I don't know when they fell out of favor, but you don't hear them much anymore. Not PC?
Wow! I never knew that.

Thank you for sharing.
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BV3273
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Re: Did you tell anyone you paid off your mortgage?

Post by BV3273 » Sun Nov 12, 2017 8:40 am

I personally would look at it as an accomplishment to payoff a mortgage and probably any other large debts that were scheduled to be paid off over a long term (ie Student loan debt).

As far as telling other people about it. No thanks. Misery loves company as far as I'm concerned and to certain people who are bridled with large amounts of mortgage debt I feel as though they would have a reason to resent me for being able to payoff my mortgage. I'm probably being over paranoid, not all of the people I know are like this, but there are a few who would feel this way.

I'd rather post my successes here.

Easy Rhino
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Re: Did you tell anyone you paid off your mortgage?

Post by Easy Rhino » Sun Nov 12, 2017 11:59 am

Quick googling makes it seem like the idea of a mortgage burning party originated with Archie Bunker. Although the concept seems more depression era

https://en.m.wikipedia.org/wiki/Mortgage_burning

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samsoes
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Re: Did you tell anyone you paid off your mortgage?

Post by samsoes » Sun Nov 12, 2017 12:49 pm

ByThePond wrote:
Sun Nov 12, 2017 7:37 am
abuss368 wrote:
Wed Apr 30, 2014 1:38 pm


Are you serious?
Mortgage-burning parties were a long-established custom, and a reason for celebration of someone's good luck or achievement. Not much different from celebrating a wedding, birth or other joyous landmark in life. I don't know when they fell out of favor, but you don't hear them much anymore. Not PC?
Back in the day, your original mortgage note was returned to you, and that's what was burned. No note, no mortgage debt. These days, the original note is long-gone as loans are electronically bundled and sold to different banks or as mortgage-backed securities.

What you got these days when the mortgage is paid is a notarized paid-in-full document. Don't burn that; it's your proof that the loan is paid. If the loan was paid-off in the middle of a bundled sale transaction, you might still get a mortgage bill. That notarized payoff document proves that it's been paid.

Burn something else instead.
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SrGrumpy
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Re: Did you tell anyone you paid off your mortgage?

Post by SrGrumpy » Sun Nov 12, 2017 1:53 pm

Easy Rhino wrote:
Sun Nov 12, 2017 11:59 am
Quick googling makes it seem like the idea of a mortgage burning party originated with Archie Bunker. Although the concept seems more depression era

https://en.m.wikipedia.org/wiki/Mortgage_burning
The crusty in-laws burned their mortgage in a 2000 episode of Everybody Loves Raymond. Frank suggested they burn the marriage certificate next.

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Re: Did you tell anyone you paid off your mortgage?

Post by Herekittykitty » Sun Nov 12, 2017 2:00 pm

Nope.

Well, now you all know.

:D
I don't know anything.

ByThePond
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Re: Did you tell anyone you paid off your mortgage?

Post by ByThePond » Sun Nov 12, 2017 8:09 pm

abuss368 wrote:
Sun Nov 12, 2017 8:36 am
ByThePond wrote:
Sun Nov 12, 2017 7:37 am
Mortgage-burning parties were a long-established custom, and a reason for celebration of someone's good luck or achievement. Not much different from celebrating a wedding, birth or other joyous landmark in life. I don't know when they fell out of favor, but you don't hear them much anymore. Not PC?
Wow! I never knew that.

Thank you for sharing.
Hmmmmm..... Sarcasm so thick, you could cut it with a knife. Fair enough. I didn't realize this morning that I was responding to so old a post. Ya got me. :wink:

To the OP:
We accelerated our 15 yr mtg payments til we were down to about $30k with 8 years remaining. That amount was only about one year's retirement contributions, and we had a good amount of cash on hand, so we paid the note. My job security & salary were increased about the same time. The increased cash flow went mostly into the portfolio, slightly to refill the EF. That was in 2007. When things went sour in 2008, and people we know started losing homes, we felt grateful (and lucky, to be honest). Throughout the recession, we plowed any pay increases into the market, since we expected to be a dozen years away from retirement. And we slept well at night, even at 100% equities then.
The way things turned out, having no mortgage helped a lot in making retirement earlier and better funded.
We have only mentioned being entirely debt free to a few family members, who are in similar shape, or soon will be. No fires, just a nice dinner out.

SGM
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Re: Did you tell anyone you paid off your mortgage?

Post by SGM » Mon Nov 13, 2017 9:00 am

ByThePond wrote:
Sun Nov 12, 2017 7:37 am
abuss368 wrote:
Wed Apr 30, 2014 1:38 pm


Are you serious?
Mortgage-burning parties were a long-established custom, and a reason for celebration of someone's good luck or achievement. Not much different from celebrating a wedding, birth or other joyous landmark in life. I don't know when they fell out of favor, but you don't hear them much anymore. Not PC?
I visited my old high school coach when he was in his late 50s and he had paid off his home in a relative high cost of living area. He told me that people had mortgage burning parties back in the day but no longer. Paying off the mortgage was not that big a deal because the real estate taxes were so high that there was little reason to celebrate. He did own in an era when home prices had risen dramatically over many years.

andypanda
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Re: Did you tell anyone you paid off your mortgage?

Post by andypanda » Mon Nov 13, 2017 9:12 am

I thought about having a mortgage burning party in 1997 after paying off my home in 17 years, but after telling some people I gave up on the idea. Family members were happy for me, but the majority of long-time neighbors and coworkers suggested that now I could afford to move to a larger home with a big new mortgage.

Oh well.

The times I've told people about years of saving they only want to talk about what I should buy.

I'll learn eventually I suppose.

Ed-vestor
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Re: Did you tell anyone you paid off your mortgage?

Post by Ed-vestor » Mon Nov 13, 2017 9:24 am

Paid the house off December 2016, didn't tell family or friends.
I did tell a co-worker friend when the subject of mortgages came up about rates, did refinance 2 years earlier at a low 2.75% but said I've since paid it off.
It was just in friendly conversation though I did tell them not to mention it to anyone else, I don't see the need that everyone needs to know. I also mentioned to this friend that since I've paid off the mortgage I've now maxed out retirement. It totals more per month than the mortgage did.

rajinvestor
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Re: Did you tell anyone you paid off your mortgage?

Post by rajinvestor » Mon Nov 13, 2017 5:19 pm

we paid off in 6 years back in February this year, which was about 190K - didn't sleep well for 6 years since we bought the home. The place where i come from and what i have seen with my parents, we buy or build house off cash. But we still didnt tell anyone including our kids, they still think the bank owns so they wont play soccer and any game indoor as we told them - they break anything the bank will come after them lol.

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whatusername?
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Re: Did you tell anyone you paid off your mortgage?

Post by whatusername? » Tue Nov 14, 2017 5:04 pm

cockersx3 wrote:
Sat Nov 11, 2017 7:18 pm
My wife and I didn't share this news with anyone except for her parents - we have a very strong relationship with them (in my case, for over 30 years) and trust them with this kind of information, and it has not led to any issues in our relationship. And I think we shared it here too. :happy Other than that, nobody else in our circle of friends / family/coworkers knows about it. We haven't shared it with our (teenage) kids yet, but will likely share more info like that as they get older.
I think you absolutely should share it with your teenagers. Part of what motivated me paying off my mortgage early was my parents' story of paying extra each month on their 30 year mortgage and knocking it out in 7 years. I started paying a little extra each month from day 1 (very little in the first year as I was building back up cash reserves), with the plan to try and pay it off in 15 years. Owing to a series of raises and hating owing money, I ultimately knocked it out in 4.5 years - a decision I have absolutely no regrets about but one I don't know I would have realized was feasible if I didn't know my parents had done the same thing.

hudson
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Re: Did you tell anyone you paid off your mortgage?

Post by hudson » Wed Nov 15, 2017 8:20 pm

Paying off my mortgage was a huge long term goal; It's one of the things I thought that I needed to do before I could retire. When discussing home mortgages with others, I learned that I was one of the few with paid off mortgages. When I started following Bogleheads I learned that people actually buy vehicles without loans. That had never occurred to me; everyone that I knew played the payment game. A new concept, don't buy it until you can pay for it.

I've decided no more debt...and no talking about it except with like-minded folks.

sgtpeppr56
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Re: Did you tell anyone you paid off your mortgage?

Post by sgtpeppr56 » Wed Nov 15, 2017 9:22 pm

This is an interesting thread. Went through the same thing a little bit ago. Pay off the mortgage a month ago and I'm only 38. Wanted to tell people because it feels so good but decided like a lot of people who only share with close family and when people ask.

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Re: Did you tell anyone you paid off your mortgage?

Post by lazydavid » Thu Nov 16, 2017 6:26 am

djpeteski wrote:
Fri Nov 10, 2017 2:59 pm
Also consider this: The asset will never be underwater. It can always be sold at a profit if it is paid off.
Incorrect. It can always be sold to raise cash. That has NOTHING to do with profit. Profit is revenue from sale less acquisition cost.
djpeteski wrote:
Fri Nov 10, 2017 2:59 pm
I think the best argument for paying off your mortgage is this: Pay it off and see how it feels for 6 months. If you don't like how it feels, you can always go out and get another mortgage.
I don't think this is the best argument, but if it is, that's pretty sad. As noted upthread, re-mortgaging a fully-owned property can be a lot more difficult than you're making it out to be, and will nearly always be more expensive. There are limits to cash-out refinances, and interest rates may be higher than a loan on a purchase. Then there are the fees--which are zero on your existing mortgage, but very likely not zero when originating a new loan. And in the current context, interest rates are all but guaranteed to be higher 6-12 months from now than they are today. They're a full 1% more than they were when I refinanced last year. So this little experiment could wind up literally throwing away tens of thousands of dollars.

Switching gears, someone upthread also said, effectively "what if the market drops by half, and the money you could have used to pay off the mortgage will now only cover one year of monthly mortgage payments". Let's examine that for a moment, and limit ourselves by saying this is the only possible source of funding for housing equity payments:

You have a $300,000 mortgage taken out last year. The monthly payment is $1,265
You have $300,000 in a taxable account, also known as "money that could have paid off the mortgage". Lets say you decided to maximize risk and invest in 100% equities.
The Market crashes by half, and you now have $150,000 in your taxable account. If you chose a more sensible 70/30 above, you're at $195,000
Your mortgage payment increases by a factor of 10x, and your remaining $150k will only cover one year's payments. You are homeless.

Oh wait, there's something wrong with that last line.

deltaneutral83
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Re: Did you tell anyone you paid off your mortgage?

Post by deltaneutral83 » Thu Nov 16, 2017 9:20 am

hudson wrote:
Wed Nov 15, 2017 8:20 pm
Paying off my mortgage was a huge long term goal; It's one of the things I thought that I needed to do before I could retire. When discussing home mortgages with others, I learned that I was one of the few with paid off mortgages. When I started following Bogleheads I learned that people actually buy vehicles without loans. That had never occurred to me; everyone that I knew played the payment game. A new concept, don't buy it until you can pay for it.

I've decided no more debt...and no talking about it except with like-minded folks.
For me, it comes down to this, if you have the net worth, the decision to finance a car at some ultra nice total package vs paying outright is moot as it has such a minimal impact on your NW, and to me, it's a hassle to finance, and I buy used, would never step foot into a dealership, or 99% chance I never do. Credit cards are different in that they provide convenience (provided you are disciplined) and are less of a hassle in case of fraud. When it comes to the mortgage debate, I would usually advocate for most to pay it down as quickly as possible, however, BH is the type of community where I would trust over half the folks to use debt responsibly. The problem with non BHs is that they come into a windfall, could pay a chunk of their mortgage down, elect not to for the age old mathematical debate, and then the chunk gets spent down on stupid consumer crap. I just don't have that many friends that could come into a windfall and add to their 3F portfolio the next day. It just doesn't seem to work like this for 95% of Americans.

lostdog
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Re: Did you tell anyone you paid off your mortgage?

Post by lostdog » Thu Nov 16, 2017 9:48 am

Before you consider talking to anyone outside of your spouse or kids about finances remember to most it's a taboo subject. 70% of Americans are living paycheck to pay check and leveraged to the max. Credit card debt levels are back to the highs of 2007. I am sorry but we're the minority. Keep it to yourself. Stealth wealth.
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Earl Lemongrab
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Re: Did you tell anyone you paid off your mortgage?

Post by Earl Lemongrab » Thu Nov 16, 2017 1:44 pm

lazydavid wrote:
Thu Nov 16, 2017 6:26 am
As noted upthread, re-mortgaging a fully-owned property can be a lot more difficult than you're making it out to be, and will nearly always be more expensive.
It depends. I used a home-equity loan that had a great interest rate (unfortunately nothing that good currently) with no closing costs. Now, it was a five-year loan only. The longer-term ones weren't as good although still good at the time.

I have no emotional investment in my mortgage situation. I have been with and without loans and haven't "felt" any different. I do what's financially advantageous. Most of the time, that's keeping low-rate mortgages and investing the difference. That's especially true if, like me, the interest is fully deductible.

My current loan has run out, but I won't do anything until I decide whether I want to move in the short term. No point in getting a loan and then selling the house.
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Re: Did you tell anyone you paid off your mortgage?

Post by technovelist » Thu Nov 16, 2017 4:17 pm

Earl Lemongrab wrote:
Thu Nov 16, 2017 1:44 pm
lazydavid wrote:
Thu Nov 16, 2017 6:26 am
As noted upthread, re-mortgaging a fully-owned property can be a lot more difficult than you're making it out to be, and will nearly always be more expensive.
It depends. I used a home-equity loan that had a great interest rate (unfortunately nothing that good currently) with no closing costs. Now, it was a five-year loan only. The longer-term ones weren't as good although still good at the time.

I have no emotional investment in my mortgage situation. I have been with and without loans and haven't "felt" any different. I do what's financially advantageous. Most of the time, that's keeping low-rate mortgages and investing the difference. That's especially true if, like me, the interest is fully deductible.

My current loan has run out, but I won't do anything until I decide whether I want to move in the short term. No point in getting a loan and then selling the house.
Don't you have to do something? Can you just live there without paying? :confused
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Earl Lemongrab
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Re: Did you tell anyone you paid off your mortgage?

Post by Earl Lemongrab » Thu Nov 16, 2017 5:32 pm

technovelist wrote:
Thu Nov 16, 2017 4:17 pm
Earl Lemongrab wrote:
Thu Nov 16, 2017 1:44 pm
My current loan has run out, but I won't do anything until I decide whether I want to move in the short term. No point in getting a loan and then selling the house.
Don't you have to do something? Can you just live there without paying? :confused
I don't understand the question. I can certainly live in the home that I own.
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Re: Did you tell anyone you paid off your mortgage?

Post by technovelist » Thu Nov 16, 2017 7:04 pm

Earl Lemongrab wrote:
Thu Nov 16, 2017 5:32 pm
technovelist wrote:
Thu Nov 16, 2017 4:17 pm
Earl Lemongrab wrote:
Thu Nov 16, 2017 1:44 pm
My current loan has run out, but I won't do anything until I decide whether I want to move in the short term. No point in getting a loan and then selling the house.
Don't you have to do something? Can you just live there without paying? :confused
I don't understand the question. I can certainly live in the home that I own.
Ok, so this was just a home equity line that you paid off?

Normally if you have a loan against your house and it "runs out", you have to refinance it.
In theory, theory and practice are identical. In practice, they often differ.

3feetpete
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Re: Did you tell anyone you paid off your mortgage?

Post by 3feetpete » Thu Nov 16, 2017 7:37 pm

Careful. Your employer may assume you are positioning yourself to retire. This could work against you for some employers. Some, not all, may have the mindset "Why take care of John Doe? He's going to retire soon anyway."

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Soul.in.Progress
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Re: Did you tell anyone you paid off your mortgage?

Post by Soul.in.Progress » Thu Nov 16, 2017 8:24 pm

I am in the camp of not telling anyone except posting here. In my experience, anything that makes someone feel “less” than you has the potential to trigger insecurities (if they have them), or possibly jealousy, or as others have stated, biased expectations for monetary loans, gifts, picking up the group dinner tab, etc. This certainly wouldn’t apply to all people, but sometimes a person’s true colors do not come out until something sensitive like this is shared. YMMV.

Also, as for the folks who are surprised that one might need to tell their spouse, I can offer my experience as a woman, that it seems that 98% of the women I know (whether neighbors, friends, or family) have very little interest (and consequently may be very uninformed, by choice) about their family finances. I love personal finance and investing, but honestly in my social circles, I have found that this “love” is rare among women. Several of these women have told me that they “roll their eyes” every time their spouse tries to talk finances. I recognize that this is just my experience and doesn’t necessarily represent a true random sample of women. My point is, I interpreted those posts that mention “telling the spouse” as perhaps informing a spouse (male or female) who otherwise does not have much interest in finances.
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Earl Lemongrab
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Re: Did you tell anyone you paid off your mortgage?

Post by Earl Lemongrab » Thu Nov 16, 2017 8:33 pm

technovelist wrote:
Thu Nov 16, 2017 7:04 pm
Earl Lemongrab wrote:
Thu Nov 16, 2017 5:32 pm
I don't understand the question. I can certainly live in the home that I own.
Ok, so this was just a home equity line that you paid off?

Normally if you have a loan against your house and it "runs out", you have to refinance it.
I haven't heard that phrasing before. Are you thinking of a balloon loan?

The loan ran out, meaning the five years are up and the last payment made.
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Re: Did you tell anyone you paid off your mortgage?

Post by bubbadog » Thu Nov 16, 2017 10:41 pm

My parents and my closest friends know we don't have a mortgage. My closest friends are in similar financial situations as us with respect to income and net worth. We occasionally talk about finances to bounce ideas off one another to help each other. It isn't a taboo subject with myself and my closest friends. We are all about the same age and dealing with the same challenges of getting kids through college, funding retirement, etc.. It is nice to be able to discuss options with a close friend from time to time.

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Nicolas
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Re: Did you tell anyone you paid off your mortgage?

Post by Nicolas » Thu Nov 16, 2017 10:49 pm

Yes, I told some of my colleagues at work casually while they were discussing refinancing their mortgages. I never thought anything about it, I just told them, no big deal. The only fallout I got was one guy who asked me why I was still working so much overtime if my house was paid off. So I asked him if his wife worked. He said yes and I said mine didn't. Another time I told this same guy that I had paid it off ten years ago. His response was "you suck".

furikake
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Re: Did you tell anyone you paid off your mortgage?

Post by furikake » Thu Nov 16, 2017 11:20 pm

Didn't tell anyone. I was 29 then, it was a non-event. When we were buying this house, a few of my friends asked if we were paying cash, I told them the truth.

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Re: Did you tell anyone you paid off your mortgage?

Post by technovelist » Thu Nov 16, 2017 11:49 pm

Earl Lemongrab wrote:
Thu Nov 16, 2017 8:33 pm
technovelist wrote:
Thu Nov 16, 2017 7:04 pm
Earl Lemongrab wrote:
Thu Nov 16, 2017 5:32 pm
I don't understand the question. I can certainly live in the home that I own.
Ok, so this was just a home equity line that you paid off?

Normally if you have a loan against your house and it "runs out", you have to refinance it.
I haven't heard that phrasing before. Are you thinking of a balloon loan?

The loan ran out, meaning the five years are up and the last payment made.
Ok, got it.
In theory, theory and practice are identical. In practice, they often differ.

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Re: Did you tell anyone you paid off your mortgage?

Post by SurfCityBill » Wed Nov 22, 2017 1:40 pm

abuss368 wrote:
Wed Apr 30, 2014 1:38 pm
jfn111 wrote:We decided it was an excuse for a party. We held a friends and neighbors mortgage burning party. We got a few of the "your so lucky" comments but about half the people there had paid off mortgages. (We were 55 and we weren't the youngest there with a paid off mortgage.)
Are you serious?
A mortgage burning party was a regular event in my neighborhood growing up. The adults celebrated it like it was a holiday. Nowadays you wouldn't mention it to anyone other than a few close family members or friends. Unfortunately an event that was celebrated and everyone felt great for that families success is looked on with envy and derision. Sad times. :(

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Re: Did you tell anyone you paid off your mortgage?

Post by SimonJester » Thu Nov 23, 2017 10:50 am

samsoes wrote:
Sun Nov 12, 2017 12:49 pm
Back in the day, your original mortgage note was returned to you, and that's what was burned. No note, no mortgage debt. These days, the original note is long-gone as loans are electronically bundled and sold to different banks or as mortgage-backed securities.

What you got these days when the mortgage is paid is a notarized paid-in-full document. Don't burn that; it's your proof that the loan is paid. If the loan was paid-off in the middle of a bundled sale transaction, you might still get a mortgage bill. That notarized payoff document proves that it's been paid.

Burn something else instead.
I was able to get my original "Wet" note back from my lender (Wells Fargo) when we paid in full. I had them stamp it Paid in fill and return it. I got the promissory note and the deed of trust we signed at closing.

I had to send a written RESPA letter and then follow up with two phone calls. At first they said they could not return it, but then they were able to. And NO I did NOT burn it, I am keeping it forever. It doesnt matter much because the release of deed of trust was recorded with my county which is proof enough the mortgage is paid.


PS. Be VERY selective who you tell, even close family members as it can cause issues.... Guess how I know :(
"They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety." - Benjamin Franklin

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Re: Did you tell anyone you paid off your mortgage?

Post by abuss368 » Thu Nov 23, 2017 10:53 am

SurfCityBill wrote:
Wed Nov 22, 2017 1:40 pm
A mortgage burning party was a regular event in my neighborhood growing up. The adults celebrated it like it was a holiday. Nowadays you wouldn't mention it to anyone other than a few close family members or friends. Unfortunately an event that was celebrated and everyone felt great for that families success is looked on with envy and derision. Sad times. :(
Times have changed and I am not so sure for the better. Paying of your mortgage and owning a home debt free is a huge and significant financial milestone.
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Earl Lemongrab
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Re: Did you tell anyone you paid off your mortgage?

Post by Earl Lemongrab » Thu Nov 23, 2017 11:39 am

abuss368 wrote:
Thu Nov 23, 2017 10:53 am
Times have changed and I am not so sure for the better. Paying of your mortgage and owning a home debt free is a huge and significant financial milestone.
Is it? It might be a significant emotional milestone for some people, but with current interest rates it's not much of a financial one.
This week's fortune cookie: "You will do well to expand your horizons." Ow. Passive-aggressive and vaguely ominous.

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Re: Did you tell anyone you paid off your mortgage?

Post by fishandgolf » Thu Nov 23, 2017 12:09 pm

We paid off our mortgage 4 years ago but still make the same $ house payment......to ourselves. That $, along with other $ is earmarked to special accounts. When those funds get built up, some of it goes into CD's and some is used to pay bills.....and some of it is used for fun. :beer

Who did we tell? Our kids and a few friends. It was....and is a great feeling to be debt free :sharebeer

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Re: Did you tell anyone you paid off your mortgage?

Post by delamer » Thu Nov 23, 2017 12:15 pm

SurfCityBill wrote:
Wed Nov 22, 2017 1:40 pm
abuss368 wrote:
Wed Apr 30, 2014 1:38 pm
jfn111 wrote:We decided it was an excuse for a party. We held a friends and neighbors mortgage burning party. We got a few of the "your so lucky" comments but about half the people there had paid off mortgages. (We were 55 and we weren't the youngest there with a paid off mortgage.)
Are you serious?
A mortgage burning party was a regular event in my neighborhood growing up. The adults celebrated it like it was a holiday. Nowadays you wouldn't mention it to anyone other than a few close family members or friends. Unfortunately an event that was celebrated and everyone felt great for that families success is looked on with envy and derision. Sad times. :(

I have heard of the concept of mortgage-burning, but never about a party. I've had a couple close friends tell me that they've paid off their mortgage, but I would have been shocked if they had invited me to a party to celebrate. I don't doubt that some people are envious or derisive but as a general rule, I seriously doubt it. I was happy for my friends, since they reached one of their goals.

ThePrince
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Re: Did you tell anyone you paid off your mortgage?

Post by ThePrince » Thu Nov 23, 2017 1:32 pm

Earl Lemongrab wrote:
Thu Nov 23, 2017 11:39 am
abuss368 wrote:
Thu Nov 23, 2017 10:53 am
Times have changed and I am not so sure for the better. Paying of your mortgage and owning a home debt free is a huge and significant financial milestone.
Is it? It might be a significant emotional milestone for some people, but with current interest rates it's not much of a financial one.
Yes, it is a financial milestone. Not everyone likes playing interest rate arbitrage with their home.

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abuss368
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Re: Did you tell anyone you paid off your mortgage?

Post by abuss368 » Thu Nov 23, 2017 1:48 pm

Earl Lemongrab wrote:
Thu Nov 23, 2017 11:39 am
abuss368 wrote:
Thu Nov 23, 2017 10:53 am
Times have changed and I am not so sure for the better. Paying of your mortgage and owning a home debt free is a huge and significant financial milestone.
Is it? It might be a significant emotional milestone for some people, but with current interest rates it's not much of a financial one.
I guess you’re correct. A reduction in cash flow out is not a significant milestone.
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Re: Did you tell anyone you paid off your mortgage?

Post by jabberwockOG » Thu Nov 23, 2017 1:49 pm

Out of many friends and acquaintances there are maybe less than a handful that I can be frank with about financial matters because they themselves are in same or better financial shape. Sadly many of our friends and family are in much worse shape with more than a few of them being lifelong foolish decision making, paycheck to paycheck, always in debt types that will work and struggle until the day they fall over.

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Re: Did you tell anyone you paid off your mortgage?

Post by reggiesimpson » Fri Nov 24, 2017 1:44 pm

Paid cash for the 3 homes i have owned in my life. Maybe 3 people know that as i dont see it as necessary to bring it up.

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