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Sep 21, 2013 10:04AM
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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!

Sep 21, 2013 9:06AM
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He forgot to re-evaluate your homeowner insurance...many times the value has not been updated for many years, then something happens and they have your home value at $20k to rebuild, but now it will cost you $100k to rebuild.  and remember flooding is not covered by H.O. insurance if you have any risk of that it is smart to consider that policy also.
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...

Sep 21, 2013 8:16AM
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I have one more mortgage payment left. I paid it off in a little over 13 years. I never considered not having insurance. Last February I had a storm go through the neighborhood. I suffered 23k worth of damage. I'm keeping my insurance( 1,000 per year), I'm still playing with the "house's money."
Sep 21, 2013 7:56AM
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You can drop homeowners insurance if you want to, so that line was BS just as insurance is.
Sep 21, 2013 7:55AM
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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?

Sep 21, 2013 6:06AM
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We have 29 months to go.  We have been paying ahead to turn our 30 year mortgage into a 14 year.  Cannot wait for the piece of mind of no more payments.  We plan to then start saving the extra money towards retirement.  It's overwhelming to know how to invest.  Can't earn anything on a savings account.  Can't trust Wall Street.  Can't trust Washington with my social security in 25 years.  The dollar might collapse in our lifetime.  I sure hope all us do-gooders out there don't get screwed by the incompetent greed-mongers when it's time to retire.
Sep 21, 2013 5:07AM
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Your houses are never paid off and you never have/will own them, your payments a just a little smaller in the form of property taxes.  Make dayum sure you don't miss a single payment or else all those years of hard work and money paid out all go bye bye to the almighty gov'mint.  Property taxes are just another one of the most despicable scams this countries gov'mint perpetrates upon its citizens, you already paid a sales tax when you purchased it, it should never be put into a position where it can be taken from you after you "own it"!
Sep 21, 2013 4:57AM
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I  paid  off my mortgage when I was 34yrs. old.  In a month I will be 60. I cashed in a retirement account to do it. But with inflation and the decreasing buying power of the dollar and stagnant wages I would never be able to afford to have a mortgage payment, today.
Sep 21, 2013 4:45AM
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i thought i would be able to pay off this house - nothing to write home about but it is where i live with my animals. husband passed away in january; so, thought life insurance pay-out. wrong - it was accidental life insurance and death certificate did not state cause of death as accident. so, i am stuck here with a mtg that is not backed by fannie mae or freddie mac.  grrrrrrr
Sep 21, 2013 4:45AM
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Next year our home will be paid for...extra $$ will go for the other bills/debt we owe. Which is a piece of property we are building a cabin on. Our get away for our later years & put some in savings.
Sep 21, 2013 4:43AM
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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.

Sep 21, 2013 4:28AM
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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!

 

Sep 21, 2013 3:36AM
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7.6 payments left.....the .6 because i paid more each month on the principle to get it gone..... 
Sep 21, 2013 3:21AM
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Learn from others that paid off their mortgage but cancelled their home owners insurance.  Colorado Springs Colorado just went through their second worst forest fire this year.  It unknown how many home owners had paid off their mortgage and decided  to cancel their home owners insurance.  When the fires were finally out, some owners were unable to rebuild and their land is now for sale cheap.
Sep 21, 2013 3:01AM
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Pay off your Home.  Then do like I did and keep saving that payment for your retirement, instead of spending it..
Sep 21, 2013 2:54AM
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Apryl major's comment below is accurate. Once the mortgage is paid off, insurance is not required and certainly not mandatory.And as far as the suggestion about investing the extra cash I say "phooey". If one has paid a mortgage of 30 years, chances are one is already at the age of 50-65 years old. So why would I want to save or invest my money? I would just start spending like there is no tomorrow with my wife. If by that age one finds themselves in good health, just live life in pleasure with the extra cash. Buy those things you and your wife always wanted but couldn't afford. Go travel once or twice a year. Just don't save. Any years you may have left are short and will pass you by quickly. I consider my wife and I have worked very hard all our lives and it would be appropriate to splurge during whatever remaining years of good health we may have.
Sep 21, 2013 2:36AM
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Homeowners insurance is an option after paying off the mortgage, not a requirement.  Although it makes more sense to have homeowners insurance to protect your single largest asset, you are free to decide.  Mr. Dan Rafter certainly must know this but works for a company that also sells homeowners insurance and would like consumers to believe they must still carry insurance. For a freelance writer with 20 years experience, he has no integrity.
Sep 21, 2013 2:16AM
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In less than two years, it will be me popping a bottle of La Grande Dame to celebrate paying off my mortgage :)
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