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Periodic Contributor

If my Mortgage was paid for a year?

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.
LadyB612000
Contributor

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?

Periodic Contributor

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

 

Vernon Freeck
Gold Conversationalist

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

Contributor

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

Contributor

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.

Periodic Contributor

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.

Periodic Contributor

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!

 

 

Contributor

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

Newbie

If my mortgage was paid for a year, I'd pay my daughter's divorce lawyer so that my granddaughter could be safe.

Nuff said.

10 % of my savings would go to my tithes and the rest would still go towards my mortgage

The faster I pay it off the better off everything will be

 

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10 % of my savings would go to my tithes and the rest would still go towards my mortgage

The faster I pay it off the better off everything will be

 

Contributor

I'd use what I saved to pay off as much more of the mortgage as possible.

Contributor

I would pay off my debts and have my left knee replaced.

 

This would give me peace of mind and improve  my walking so I can get around more easily.t

 

Contributor

I would payoff my higher interest credit card bills and then invest some of the funds in my retirement accounts like my ROTH IRA.  The opportuity to reduce my debt would be a great asset that would benefit me for years to come.

Regular Contributor

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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Contributor

This is a good question becuase I just paid off my house last year. 

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Regular Contributor

I would make sure that Tony Salatan does NOT gain access to the place, as document are currently being filed to provide this matter!

 

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I wouldn't feel the trepidation of my husband retiring this year.  It would give us more of a chance to pay off a couple debts that are holding us back.

Contributor

Long story short...he NEEDS to retire.
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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!

Newbie

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

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.

 

 

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Regular Contributor

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

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

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Contributor

I would either continue paying the amount I pay now that is already budgeted toward mortgage principal or I would invest 1/2 that amount in my husbands 401K plan and 1/2 the amount in my 401K.

Contributor

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

Take a long cruise 

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