If my Mortgage was paid for a year?

If you’ve got your mortgage covered for a year, that definitely gives you some breathing room. One option some people consider in situations like this is a reverse mortgage — it basically allows homeowners (62 and older) to tap into their home equity without having to make monthly payments, since the loan is generally repaid when the home is sold or the borrower moves out.

The idea is that instead of putting extra cash into the mortgage right away, you could free up liquidity for other expenses or debts while still staying in your home. Of course, it’s not for everyone, but it’s one of the tools worth knowing about when thinking long-term.

Here’s a good explainer on how it works: https://reverse.mortgage/how-does-it-work

Would this payment a onetime lump to principle or on a monthly basis for one year? One would still have to pay Interst and taxes .but with the money saved On mortgaged payments

I would save some for the following year payments and take a mini weekend vacation😎

First, I would use the extra money to pay off all my other accounts.  If there was any left, I would put it away into a savings account for future needs.  My husband and I live off of our Social Security and at the moment, we are extremely stretched for money as we have been helping our son and grandson.  I know - they are adults and should not have to need help; however, how does a mother say "no" when their child is going through hard times through no fault of their own?

I would pay off charge card and home improvement loan, what was left I would but into a savings to have when the payment start back up. Thank you for the dreams

Peopleour age should not have mortgages.  Mine was paid off years ago.  It sure helps the bottom line.  PLAN, folks!

I am a veteran, I would enjoy my good fortune and share half of it with a veteran in need.

First of all, a contract showing proof 12 payments will be made to my mortgage company is the beginning. Next up is taking 6 months off ( I sell seasonal products) to relax in some warm climate without any worry. The other 6 months would be back on job and saving a huge amount of money. This is a win, win for myself and my family.

Our mortage has been paid off for seven years and what a relief.  I am of the belief that if you stay the course, do not buy a more house than you need that this is doable.  We are retired and owning what we live in is so gratifying.  I am debt adverse and paying this off was a long lived goal.  Each month we threw more money at the mortage, remodeled the house twice, resided and rewindowed and still got it paid off before retirement.

I would Thank God! Then I would use half to pay off debt and half to save and at the end of the year I would sell the house and rent a small apartment!

Give thanks to God almighty and but me a much needed car fix my leaking ceiling from my air conditioning unit