Thanks for voting!Home is where your heart is. It’s the cornerstone of family life. It’s where you live. And it can (and should) be your biggest savings account. Chances are it’s where the bulk of your debt resides, too. If you’re like the rest of us, your home is the single most expensive purchase of your life. You work hard at paying off your other debt, so why not put the same type of energy into paying off your mortgage? FiveCentNickel outlines some simple steps you can take to make your castle more of your own. Literally.
Of course, you might already be taking some of these steps. Others may not be practical at this point in your life. The bottom line is to do something (anything) to own your home outright. As soon as possible. Our CEO of Savings, Arkadi Kuhlmann, has a few thoughts of his own on the subject, too. He says “the best guaranteed return on money is to pay down your mortgage. A free and clear home cannot be taken away. You’ll sleep better at night.” ZZZZZ, indeed.
Tags: Homeownership, Mortgage
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Paying down your mortgage if you are financially able is quite admirable. The statement that a free and clear home cannot be taken away is far from the truth. I am not savy when it comes to certain RULES and REGULATIONS, but you learn the hard way.
Our government is privy to do whatever they damn well please as long as someone signs a billl or passes an admendment.
As hard working blue collar workers who paid their taxes, and their mortgages and raised their familes and SERVED the government in war with pride, I had parents who became so ill that living in their home was not an option.
Now they are both gone and I am sure medicare will be swooping in to take the very house they sweat blood and tears to be able to call their own. What a travesty.
For everyone who has ailing parents, whom by the way should be able to torch their homes if they so desire- make sure that 5 YEAR WINDOW is put into effect or jump out it. I hope the government chokes on their on own vomit.
There are some things that can be done to protect a senior’s home. Probably the best way is to purchase long term care insurance since the cost of their long term care is what medicare is hoping to recover by taking their home after they die. Another thing seniors can do is set up a trust and place the title of their home in the trust. You will probably want to see an attorney in your state to set this up for you. Remember, they got the care they needed, and you wanted them to be cared for, right? The alternative would be to force them sell their home before they could get the care they needed. Unthinkable.
I realize that we are all subject to the American system, and that rates of interest have been used to control inflation etc., but I know so little beyond that, that I wonder why I cannot, at age 85, receive a bit more interest on my savings! People do give senior discounts, and so why not senior interest rates on savings? My house is all paid up, my car is all paid up - and I have absolutely NO debt….but when I pay for anything I pay for all those who do not pay their debts, and this seems unfair. Its quite similar to the fact that the retail prices I pay will include some shop lifting losses….I’m paying for the thieves! Ha!
Oh well - I know that no one is going to wave a magic wand and cave in to my ideas…but I do think that we could get another 2% interest on our money…could we?