So this morning we paid off our mortgage. We own the house.

[Shrike47]

I never really thought we'd get there.

[spanone]

1. congrats! did it around 13 yrs ago.

[dipsydoodle]

2. Same here

Does feel nice - don't it.

[spanone]

31. sure does, until that property tax bill comes around...

[dipsydoodle]

37. That differs here

my council tax is £1400 a year which is less than the poll tax was early nineties. Please don't ask me to explain how our councils make up that difference.

[pepperbear]

68. but wasn't that property tax bill coming around when the mortgage was due anyway?

[Animal Chin]

70. It probably just went to the mortgage company

Which rolled it into the monthly payments.

[ieoeja]

71. Roughly half my mortgage payment went to taxes and insurance.

Still, it did cut my "mortgage" in half when I paid it off.

Just one of many costs average Americans have to bear because of the Reagan tax shift from federal income to state and local taxes.

[spanone]

82. sure, but it's incorporated into your monthly payments, so you don't feel the pinch the same.

once i paid off my house, i get a yearly bill from the city...one lump sum.

[malaise]

3. Congrats

Nice feeling

[The Velveteen Ocelot]

4. Did that about 18 month ago.

It's a huge relief. My house is small and old and dumpy, but at least it's mine.

[CrispyQ]

56. Your house sounds like my house!

"...small and old and dumpy, but at least it's mine."

[ret5hd]

5. It's a damn good feeling, isn't it?

[HereSince1628]

6. Well done. Now, can I interest you in a rennovation loan? reverse mortgage? maybe just

some money for that vacation that you never had because of all those house payments?

[Shrike47]

7. Thank you, no. No.

And please stop sending me those blank checks in the mail that I can fill out in a flash and borrow $5,000!

[AtheistCrusader]

21. I had to harass my bank into not sending those to me.

I can just see some jerk stealing them out of my mailbox...

[Yavin4]

54. Good move. That happened to me.

After finishing school, a credit card offer came to me in the mail. Someone dumpster dove and got a credit card in my name which they used to buy jewelry.

Took paying an attorney $1,000 to get that debt expunged from my record.

[zeemike]

23. Well then how about a reverse mortgage then?

Just think...they will send you a check every month so that you can fill that house with the junk you always wanted.
surly there must be something...

[Hekate]

73. God, I hate those things

I'm with you all the way. No, no, and no.

[PD Turk]

8. Congrats!!

Paid off ours a few years back, it's the greatest feeling in the world!!

[barbtries]

9. congratulations.

enjoy!

[LiberalEsto]

10. How wonderful!

Congratulations!

[Le Taz Hot]

11. Wow!

Congratulations! I'm not sure if I'll live long enough to see mine paid off but we just keep chugging along at it.

[femmocrat]

12. Congratulations!

I bet you feel like you hit the lottery!

[eissa]

13. What a rare achievement these days

Congrats Hope I can say the same one day!

[GoneOffShore]

14. We did that a couple of years ago.

Congratulations!

[SamKnause]

15. House

Congratulations.

[City Lights]

16. Congrats!

[mnhtnbb]

17. Congrats to you! Great feeling, isn't it?

When we decided to rebuild--after the fire--we were determined to do it without a mortgage.
Boy. It was tough, but we did it. SO glad. Hubby just retired from doing clinical work
and it's going to make a HUGE difference to not have a house payment.

for you!

[Mira]

18. What an incredibly happy day.

The load off your shoulders is phenomenal. I'm so happy with you!

[Granny M]

19. Well done!

Wishing you many happy years in your home.

[unionthug777]

20. congrats !!!

best wishes to you !!!

[SwankyXomb]

22. Expect Bank of America

to foreclose on you any day now.

[nilram]

69. haha, just what I was thinking

[Posteritatis]

24. o/` [victory fanfare!] o/` (nt)

[skydive forever]

25. That was the day we went out for a steak dinner

Congrats.

[Marrah_G]

26. Congrats!

and keep all your paperwork!!!!!!!!

[coljam]

27. Been There did that

Congrats......

In my neck of the woods we pay 10,000 in real estate taxes sorry you just cant win

[RKP5637]

28. Congratulations!

[yonder]

29. congratulations!

It's a great feeling and welcome relief. We paid ours off in 2008. Just in the nick. of. time.
Congrats again!

[secondwind]

30. very happy for you!

[mahina]

32. Awesome!

Congratulations, that is great!

I'll get there one day...

[BumRushDaShow]

33. Happy Dance!!!

[littlewolf]

34. congrats ! expect to do that this year ...

30 year mortgage ... did it in 20 ... one extra payment per year ...

[Stretch714]

45. Same way we did it. nt

[reflection]

35. Congratulations! Right behind you.

Debt = slavery. I don't like debt.

[DCBob]

36. must be nice... congrats!

[CountAllVotes]

38. Congratulations!!!

Good on you!

I did the same myself as soon as I could. My house was not real expensive nor is it luxurious, but it is MINE and no one can take it away from me as long as I pay the property taxes on it.
Insurance is about $450.00 a year. I can handle that!

It was a great feeling and I know how you feel!

[RiffRandell]

39. That's great!

In August we'll have 7 years to go. It seems like forever, but better than 20 or 30.

[ArcticFox]

40. Be sure to record

[Spitfire of ATJ]

41. Time to paint the front door red!

[Ruby the Liberal]

42. That must be an amazing feeling.

Congrats!

[Shrike47]

43. Thanks, everybody.

It's been a long haul but we did pre-pay when we could and that sure helped.

[Stretch714]

44. Congrats. My wife and I just sent the payment off last week to do the same.

[greytdemocrat]

46. Fantastic!!!

Well done!

[Auggie]

47. Congrats. I'm soooooo jealous.

[Auntie Bush]

48. I'm jealous too. I took out a second mortgage 3 years ago and now I need a third.

I'm in the process of taking out another mortgage because I need emergency work done. Problem is I don't know how I'll be able to handle a larger mortgage payment... but the work has to be done...it isn't an option.

[Liberal_in_LA]

49. congrats!!

Now take out some equity!


Just kidding.

[Jazzgirl]

59. Maybe you forgot the sarcasm smilie??!!??

n/t

[gopiscrap]

51. CONGRATS!!!

[DocMac]

52. Well done!

[JDPriestly]

53. Congratulations.

I read the other day here on DU about a couple earning $90,000 per year paying off debts of $50,000. Unless that was for a house, education or medical bills, I wonder who in the world ever loaned $50,000 to a couple earning only $90,000.

It takes a lot of work and discipline to pay off your house, but it is really, really important. Now all that is left is upkeep, taxes and property insurance. You are set. Good luck. Enjoy the rest of your life.

Your post made me wonder whether anyone has done a study on who is the most in debt, Republicans or Democrats. The outcome might be surprising.

After the 2008 crash, I was amazed to learn that people I thought were poor did just fine. Some I had believed were better off were really in trouble. They had apparently been living on credit. It's quite strange.

[Historic NY]

55. Feels good doesn't it!!

[CrispyQ]

57. Congrats! It's a great feeling!

[Bay Boy]

58. May I suggest that you...

...keep paying your mortgage? What I mean is pay that same amount into savings account of yours and use it for the property taxes, retirement and some splurging.

[ellisonz]

60. Big Congrats!

[Phentex]

61. Congratulations!

[Myrina]

62. CONGRATS!!!!

What a huge accomplishment!!

I only have 24 years left on mine. Sigh.

[onestepforward]

63. Congratulations!

[Shankapotomus]

64. Congrats

Owning ones own house. What a concept.

Something that should strike us all as a sign something's not right with society when most people don't own their homes outright without a 30 year payment plan. Thousands of years of providing land and shelter for ourselves without so much as needing an "Ok" from anyone and, suddenly, it now just happens to require 30 years of servitude to shelter yourself.

Yea, we're not being sold a load of goods.

[Arugula Latte]

65. Envious!

Congrats!

We still have 20 to go ... *sigh* At least we've re-financed to get a good sub-4 percent loan.

[War Horse]

66. Congrats

Guessing the feeling is 'whew'

[nessa]

67. I'm jealous. It's impossible where I live. Property taxes are more than half our monthly payment.

We will never be able to live without a monthly payment, unless we sell and move away.

[Hekate]

72. Congratulations! It is a great feeling, isn't it?

We paid ahead for years and managed to save a bundle on the interest, but it was hard work. My husband was determined to cut our 30 year mortgage down to 15, and we managed to do it in 18. It is such a great feeling being out from under the bank.

[Prophet 451]

74. Congrats, dude

Break out the champagne.

[ErikJ]

75. Its the state's house if you dont pay your Prop. Tax

Which was very common in the Great Depression. Millions lost their homes because they couldnt pay their prop tax as prop tax was about the only way states used for revenue back then.

[Baitball Blogger]

76. Congratulations!

We would be close to owning it but we had to refinance to pay for college educations.

I learned the value of staying put, however. We were able to refinance at a time when everybody else was under water.

[Paper Roses]

77. What an exciting day.May I give you some advice?

Several years ago, we paid off our mortgage. Had a great-out-to-dinner celebration. It had been 30 years of monthly payments.

Sometimes things go wrong. We had very little extra funds when the cellar flooded, ruining the furnace, a tree fell on the roof, and several other money costing things went wrong.

Smart as we thought we were, we took out a reverse mortgage to cover the costs of a roof, furnace and other things.
Worst mistake we ever made.
Enjoy your new freedom but if anything happens and you need money for a fix-it. Get a home equity loan. Please do not take out a reverse mortgage.

You may not be of an eligible age but please listen. This was the stupidest thing we ever did.
I know your good feeling. Enjoy the freedom.

[Danmel]

78. mazel tov

We are almost there.

[Bertha Venation]

79. CONGRATULATIONS!!

[AnneD]

80. Totally awesome.......

A debt free life style is a beautiful thing.

[Walk away]

81. Damn! I just paid off my 2nd! Good for you!

[gopiscrap]

83. congrats!!!