Would you pay off your mortgage? - Page 3 - Mothering Forums

Forum Jump: 
Reply
 
Thread Tools
#61 of 70 Old 02-22-2010, 05:21 AM
 
mi_amor's Avatar
 
Join Date: Nov 2009
Posts: 214
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
I would only pay what I felt comfortable on the mortgage, maybe using half to 2/3 of the money left. I like having a safety net, even if I'd end up paying more in interest, I like the feeling of having some money set aside for a rainy day.

belly.gifMama to a Little Scientist (09/08) and our Ray of Sunshine (05/11).
mi_amor is offline  
#62 of 70 Old 02-22-2010, 10:18 AM
 
echospiritwarrior's Avatar
 
Join Date: May 2006
Posts: 2,174
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
I would totally pay it off!

Congrats on being nearly completely debt free!

orngbiggrin.gif mom of three with stork-suprise.gif on the way

echospiritwarrior is offline  
#63 of 70 Old 02-22-2010, 04:13 PM
 
Jane91's Avatar
 
Join Date: Mar 2009
Posts: 167
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
What was the intended purpose of the life insurance policy? Was it required by the divorce papers in order to make your child whole for missed child support payments due to death?
Jane91 is offline  
#64 of 70 Old 02-22-2010, 05:42 PM - Thread Starter
 
Kiernan's Avatar
 
Join Date: Jan 2007
Posts: 191
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by Jane91 View Post
What was the intended purpose of the life insurance policy? Was it required by the divorce papers in order to make your child whole for missed child support payments due to death?
No, we both took out policies right after our son was born to help support the surviving parent in the event of death. At that point we had no thought of separating.

I appreciate all the input! There are many facets to consider so I won't rush into anything, but I am going to start at least a modest mortgage pre-payment to chip away at the principal. This is something we did when we first took out our mortgage, but it fell by the wayside once marital woes hit.
Kiernan is offline  
#65 of 70 Old 02-22-2010, 06:48 PM
 
sunnysandiegan's Avatar
 
Join Date: Mar 2008
Posts: 4,407
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
FWIW, I think you are very capable of handling this situation and are doing quite well.

"Kind words can be short and easy to speak, but their echoes are truly endless." - Mother Teresa

sunnysandiegan is offline  
#66 of 70 Old 02-22-2010, 06:52 PM
 
WorldsBestMom's Avatar
 
Join Date: Dec 2009
Location: USA
Posts: 483
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quite simple if you don't pay your mortgage in its entirety then you won't become a home owner. As you haven't completely paid of your mortgage.

Worlds Best Mom
WorldsBestMom is offline  
#67 of 70 Old 02-22-2010, 07:14 PM
 
Juvysen's Avatar
 
Join Date: Apr 2007
Location: Binghamton, NY
Posts: 7,479
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 1 Post(s)
We'd pay off this house so we had someplace to live while we were finding the land/building the house we WANT, and trying to sell this house.

Jenna ~ mommy to Sophia Elise idea.gif  (1/06), Oliver Matthew  blahblah.gif (7/07) and Avery Michael fly-by-nursing1.gif(3/10)

 

dizzy.gif Wading slowly and nervously into this homeschooling thing.

Juvysen is offline  
#68 of 70 Old 02-22-2010, 07:27 PM
 
cappuccinosmom's Avatar
 
Join Date: Dec 2003
Location: SW Pennsylvania
Posts: 5,628
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
I would.

And then I would start putting what's going into your mortgage now directly into savings. IE, don't look at the lack of payments as "free money" and start buying stuff to fit the income, but instead "pay" yourself every month what you would have been paying to a bank. If you do that every month, you will have a pile of money in the bank surprisingly quickly. And you won't be paying interest to some big corporation, but instead be recieving interest.
cappuccinosmom is offline  
#69 of 70 Old 02-22-2010, 07:37 PM
 
StarJune's Avatar
 
Join Date: Jan 2007
Posts: 590
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
Quote:
Originally Posted by velochic View Post
Yeah, exactly. Perhaps you should go read her message again.
I did read her post. I can read very clearly. She is asking for advice for her particular situation. And your advice is for yours. Of course it is going to be hard to write a cheque for that amount. Of course, there is hesitancy. But the OP also states that she has an emergency fund, a stable job, has gone through rough times with no support yet still is debt-free, has been financially responsible in the past AND that it would be wonderful to be debt free.
StarJune is offline  
#70 of 70 Old 02-22-2010, 08:46 PM
 
zinemama's Avatar
 
Join Date: Feb 2002
Location: from the fire roads to the interstate
Posts: 6,568
Mentioned: 0 Post(s)
Tagged: 0 Thread(s)
Quoted: 0 Post(s)
I want to know about that 11% return mutual fund too, jeliphish. Care to share?
zinemama is offline  
Reply

Quick Reply
Message:
Drag and Drop File Upload
Drag files here to attach!
Upload Progress: 0
Options

Register Now

In order to be able to post messages on the Mothering Forums forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
User Name:
If you do not want to register, fill this field only and the name will be used as user name for your post.
Password
Please enter a password for your user account. Note that passwords are case-sensitive.
Password:
Confirm Password:
Email Address
Please enter a valid email address for yourself.
Email Address:

Log-in

Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.



User Tag List

Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page


Forum Jump: 

Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off