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- Re: If my Mortgage was paid for a year?
If my Mortgage was paid for a year?
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If my Mortgage was paid for a year?
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😎
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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?
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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.
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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.
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If my toal mortgage payment was paid for a year I would pay down my charge cards but I would also be on a cruise ship every other month or so because I want to travel as long as I am healthy and able. I'm over seventy and so many of my friends are developing disabilities...
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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!
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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.
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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.
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