From: Super Saving Tips
By: Gary Weiner
If you are a homeowner, you probably know the feeling that you are under a tremendous weight and that you will probably be in debt for the next 20-30 years, or possibly even the rest of your life! It can be hugely depressing when you look at that and the likelihood that a mortgage will become a very close “friend” of yours — forever. It’s a huge decision to buy a home and more likely than not, it will be the biggest financial decision that you will ever make. Scary?
In 2015, about 62% of all Americans owned their own homes, a number that’s been pretty consistent over the past 20 years (although there has been a decline since 2000). Here’s the scary part. Less than one third of all those homeowners actually own their homes free and clear, and that means that the majority of them have, wait for it … a mortgage!
When you think about owing money, it is uncomfortable. I have been living with a mortgage payment for most of my adult life, with my first experience way back in 1976 when I bought my first home. I was 27, that was 40 years ago and I am still living with my “friend” even in retirement. He just won’t go away. And that brings me to my point here: having a mortgage in your retirement years is not what you want to do! Trust me on this one, it’s a cloud that hangs heavy over one’s head. If you can, you need to think about that looong before you retire. Of all people, I let this one slip and I have to blame myself for it. Even if you have the best intentions and the smarts, it still may be something you will have to deal with, so pay attention and let me try to help.