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FIND YOUR DREAM HOME OR APARTMENT
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Apparently some who have responded have never had an instance where insurance has been beneficial. I have had several, auto, home & life. My insurance payments after a loss have been way more substantial than the premiums I've paid in. Just make sure that the insurance actually covers what you need it to. Too many people look at the cost of insurance and think they don't need it, until of course, they need it. Folks in California as well as Colorado have learned the importance of fire and flood insurance.....unfortunately, some lost everything they owned and learned the hard way.
Congrats to those paying off their mortgage! I know first hand how great it is to payoff the largest debt you ever freely enter into. I hope you save some money for retirement as well as spend some on something you've always wanted. It's ok to do both!
And here is a thought I didn't see....instead of taking the "new found money" and spend spend spend, you are already used to living without that money, put the whole thing each month into savings for retirement/unexpected expenses etc...
Somebody, somewhere, paid off their home?! That is SO un-American of them. Don't they know their home is, in effect, a giant ATM machine? You get some equity in it, you get a home equity loan. THAT'S the American way. How silly of this person to actually pay off their home and become a true homeowner. Sheesh.
What's next? We hear of somebody, somewhere who is living within their means?
Dewey Kerr(above)is a wise man. That's what I've been doing since march of 2009. Bought my home in 2000 and paid it off in 8-1/2 years. Saved a ton on interest due to the fact you pay most if it the first 2/3 of the mortgage life. Plus I worked as much OT as possible and ate at home and brown bagged it as much as possible too during that time. It's the little things that help the most.
Now I'm on easy street heading toward retirement.
paying off your home is a great accomplishment. It however would not be wise to cancel your homeowners insurance. How much would it save, less than a $1000 a year, maximum? Would you cancel your health insurance because you received a passing evaluation on your physical? You had to have made some wise choices in order to be able to pay your home off in our economy at this time, don't throw all that out the window now!