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LadyB612000
LadyB612000
Contributor ⭐
April 8, 2016

If my Mortgage was paid for a year?

  • April 8, 2016
  • 38 replies
  • 21695 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.

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      nini63
      Contributor ⭐
      October 12, 2018

      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😎

      J
      JohnLesner
      Contributor ⭐
      September 17, 2025

      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

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