Yeah, pittsburgh is like that--- same house that sold for 20k in 1974 is still 20k, maybe 35K. Those old time neighborhoods just sit and fester
well, I certainly hope you didn't prepay that mortgage, because in very fine print they actually charge you for that. So how is it now at your age having a house that is paid for? Ever thought about a reverse mortgage? In the old days there was never any question that you could sell your house if you wanted to. Now, not so sure. Would you take a good offer if you received it? Or is it just a place to live that now all you have to worry about is maintenence and property taxes?
yeah, when he sold the neighborhood kind of went down hill (not that in retrospect it was ever really that great to begin with) but now a lot of kids have got into these 1950's homes and they have a kind of retro appeal, and the neighborhood looks once again alive. The funny thing is, there is still one of my old neighbors who still lives there, and she is the only white woman left. And everybody takes care of her and looks after her because like I said, she is the only white woman left.
Why would you just "assume" that. There are actually people who live financially responsibily and still get fucked due to the housing market crash and the ensuing jobless market as a result. Obviously, it's hard for you to believe that people can actually do things right and still get screwed. If they were 29 years into the mortgage and couldn't make payments due to a job loss the bank would still foreclose. The length of time they have been making their mortgage payment is irrelevant, unfortunately.
Actually there is no prepay charge where I live. Sorry if there is where you are, and what a criminal concept that is. I did put extra money toward my mortgage. I was at 7.125%. I then lowered it to 6.125% as rates dropped and lowered the repayment time. At the same time I still paid the original amount plus what I was paying extra. I paid off my original 30 year loan in 18 years. I am free and clear on my home, does that somehow make me evil? I passed on a new car, tv, cell phones for my kids etc. The average age of my cars up until last year was 12 years old. Did I fuck up not doing these things? Was I entitled to them? I guess I don't understand your point. Why the hell would I do a reverse mortgage? I can sell my house after "allowable deductions" for more than what I paid. Or for that matter without phony deductions for a profit. I am no genius, I was just taught to live within my means. My Dad grew up in hard times, ie the 1920's and going forward, and I guess he thought it was a valuable lesson. I didn't appreciate it all the time, but holy cow, I do now. What is it you are trying to say?
gosh dang man, all I was asking was how does it feel to own the home free and clear in this environment? Now what? Will you sell someday? or just pass it on to the kids? what is your problem anyway? Do you have some kind of a chip on your shoulder because that is the choice you decided to make? In my day it didn't make much sense to pay the banker when you could make quite a bit more just sitting in the market. All I was asking is, "How is it now?" I'm out of it. I pay $500/mo for an apartment. Just asking how is it now for homeowners. Especially those few that are paid off.
$500.00 @ month??? What do you live in a shoebox? Even the dumpiest apt here goes for nearly $1000.00 @ month.
ask him -what about mortgage interest,taxes, cost to buy and sell the property,inflation,maintenance and opportunity cost? where he would be financially,if he put those money in S&P for example..
it's like paradise man. Especially when you came from the woods where you needed 4wd just to buy cigarettes. I can walk to the C store and reply to you before my computer ever times out.