If you've signed your life away on a mortgage, you've probably dreamed of tossing that paperwork into the shredder after you've made the final payment. But outright ownership isn't all positive.
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3 comments:
The article is stupid, but the only point you can agree on is, if you have to have debt, only mortgage debt gives you a break for it.
As for investing...yeah, that did real great for all of us, didn't it? Thanks, Wall Street Robber Barons!
Duh, if you aren't paying a mortgage, you have more disposable income to invest anyway, duh duh duh.
I can't WAIT to pay off my mortgage. I'm accelerating it, which will save tens of thousands of dollars in interest.
The tax shelter argument is an invention of real estate agents. In reality, you are paying a dollar to save 30 cents, which is a slight advantage ONLY if you are currently renting, but NO payments are best.
As for investments: my friends who thought housing prices would never plunge mortgaged 2 and 3 properties to the hilt. Now 50ish and jobless, they are screwed as they depended on property appreciation for their retirement.
My husband and I realized 25 years ago that our area was overbuilt and houses would appreciate very little even without any recessions. We paid cash for our home and made "mortgage" payments to our tax sheltered retirement accounts. Even with 9/11 and the banking crisis of 2008, the Dow has gone from 2000 to 12,000, a 600% gain. We are millionares and owe no one.
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