I've been wondering this myself, I'm guessing not
If you did something illegal in a new vechile with 60 payments left on it, and .gov seizes it...what happens

You made the right decision paying it off. Mine is payed for and my first 320 acres as of last month. It’s a great feeling!

You made a great decision to pay off. All these folks trying to compare interest rates in the market to their mortgage are gamblers. They are gambling that theyll never be in an accident that prevents them from working, they are gambling their company never downsizes and lets them go, theyre gambling the market doesnt crash causing their employer to go under, the list goes on and on. 100% of forclosures happen to people with mortgages . Pay your mortgage off and THEN start investing heavy. Your income is your most powerful wealth building tool, if its not all going into payments, youd be surprised how fast it accumulates. Sounds like you found a great piece of ground...enjoy!!

Pay it off. Trusts won't protect you unless you completely transfer all ownership to another person. Meaning your name is on nothing and you are at the mercy of them letting you live there/give you money/pay off items, etc.

I’m not talking government seizure, I’m referring to fraud/forgery.

I'll never forget the day that we paid off our home. I walked into the Credit union puffed up like a banty rooster !! I fully thought balloons and confetti would fall from the ceiling ! I had been so busy working towards paying it off I hadn't really thought about the fact that it wasn't exactly a win for the bank. We signed all the paperwork and walked out. I said to my wife, " that was rather uneventful, she said, " What did you expect ? I said, " Balloons and confetti ? Later that day she gave me one of those little bitty balloons on a stick that said, Good job! It still brought a lot of pride to have it paid off and I have never regretted it. A sense of Pride that someone who has there debt forgiven will never feel.

I have about 1 year left. Can’t wait to feel that feeling myself!! Guess I will bring my own balloons……

I plan to move again in about three years. My current 10-yr rate is 1.875%. I sure do hate to give that up.

When I got the loan for my place, it was a 15 year loan and I paid it off in seven years. I put extra to the principal ever payment including the first and last. If I got a $40 a month raise in wages I put $30 more on the house and kept $10 as a cost of living expense. It isn't hard with a little discipline.

We paid Cash for our Fatm back in 2005. It has been the best knowing it is ours and not the Banks!!!

If you can be disciplined enough to not spend it, instead of paying extra on the mortgage each month save that money up until you have enough to pay it off all at once like the original poster. You’ll end up paying a little extra in interest, but it would be awful to pay extra every month for years and then lose a job and get foreclosed on.

Paid mine off. Invested on other things ever since with the savings. Getting along just fine these days.
I Also have the Heloc set up, unused. Makes the bank frustrated at times I think.

Osky

Better to make interest than pay it.

I'm going to pay mine off when I retire and I'm going to tell home insurance to take a hike also.

In preparing to retire we paid off our mortgage about 5 years ago. Cost us $40,000 but in the years we had left to left to pay it off we saved about $80,000 in interest. We have no regrets.

Dropping you homeowner insurance is a bad idea. If your house burns down, what do you do?? When we paid off our mortgage, we went to a different insurance co to insure our house for replacement value. It only cost us about $1100.00 a year. An acceptable price to pay. IMO

For sure.

I see a lot of people in lake Charles Louisiana where my brother lives dropped their insurance when their home was paid off. Their the ones that are living in a few rooms of the house that didn't get destroyed.

I buckled down and paid off a 30 year mortgage in 10 years when in my early 40’s and have been pretty disciplined to continue to invest and save, but it also gave me the financial freedom to enjoy myself while I still have my health as well.

Please don’t drop your homeowners insurance. I have had two coworkers bit by that over the years. One with major flood damage and the other lost their uninsured home to fire in which his wife was burned badly and latter died.

I will always have homeowners insurance. Heck, I don’t like to pay for insurance, but I don’t want to be without it.