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LadyB612000
Contributor ⭐
April 8, 2016

If my Mortgage was paid for a year?

  • April 8, 2016
  • 38 replies
  • 21767 views
I would first make sure that when you say "Mortgage paid for a year", that it is the Principal that is paid for a year. Then I would put some of the money towards the Interest of the Mortgage and then I would pay off my high interest rate credit cards and cut them up. But with whatever is left I would stock my freezer with meat and my cabinets with canned goods.

    38 replies

    Contributor ⭐
    October 9, 2018

    I also would make sure that the Principal was paid, along with the interest, the taxes, the homeowners insurance and the escrow was added to.   Than I would take the money, see what it added up to & hope it paid our $50,000.00 charge card debts.  Being seniors, (disabled at that) living on a fixed income it’s hard paying them off, or even paying more than the minimum amounts.   If that was possible than I would take me & my husband (who has been suffering with cancer for 12 years) on a mini vacation!

    Contributor ⭐
    October 9, 2018

    I'd take full advantage of it by using it to pay home off early,now,how do I get my mortgage paid for a year?

    Contributor ⭐
    October 11, 2018

    IF MY MORTGAGE WAS PAID FOR A YEAR I WOULD HAVE MY FRENCH DRAINS REPAIRED,APPLY MORE MONEY TO THE CHARITIES THAT I SUPPORT DURING THE YEAR AND TAKE A SHORT VACATION WITH MY WIFE TO VISIT OUR FAMILIES.

     

     

    OldFroggy
    Contributor ⭐
    October 9, 2018

    If the payment(s) went to principal, interest, and escrow, like my current payments do, then I would continue to make my current payments directly to principal. That would probably shave another 5 years off of my repayment schedule, as I'm already down to having it paid off in 17 years instead of 30.

    Contributor ⭐
    October 9, 2018

    If my mortgage was paid for one year, I think we would make needed improvements to our home: kitchen appliances, update cabinets and bathrooms, re-do floors, etc.  We would consider investing in another property we own too so that our children and grandchldren would have an inheritance in addition to our current home.

    Contributor ⭐
    October 9, 2018

    I would rent a place further north in California near the redwoods to see whether I liked it well enough to move there permanently. 

    Contributor ⭐
    October 9, 2018

    If my mortgage was paid for a year I would save the money to pay for my persciptions for a year and a few groceries!

    Contributor ⭐
    October 9, 2018

    Take a long cruise 

    Contributor ⭐
    October 9, 2018

    I would pay in the same amount every month as always, except have the payment apply 100% to the principal.

    Contributor ⭐
    October 9, 2018

    If my Mortgage was paid for a year, with no interest occurring, I would first pay off my student loan.  The remaining money would go toward painting my house, replacing the french doors to my back patio, fence in my back yard, replacing my kitchen cabinets, and replacing the bathroom vanity draws which are out of date and barely functional.  I would also like to use some of the money to help a family member. 

    Contributor ⭐
    October 9, 2018

    I would continue to pay my normal monthly mortgage payment as if nothing had changed.  That amount paid in conjuction with the free payments will make a serious dent on the overall amount still owed as it would make a huge dent in the interest of the loan.

    Contributor ⭐
    October 9, 2018
    Ditto!!!
    Contributor ⭐
    October 9, 2018

    If my mortgage was paid for a year, I would pay off some of my family and siblings bills who are having a hard time. After that, I also hope to take my whole family - on a little vacation.. (large family) Some of them have never been able to see how beautiful this world is. I would love it if we all could be together at the same time.