My folks gave me their place when they hit their mid 70s. It's a big uplex on 2 1/2 acres just out of town. I never thought I would ever see the day I had no house payment. Now I pay property taxes and insurance that comes to as much as I was paying for my last home every year. I think our Government needs another civil war. How do people make it with big mortgages and kids anymore?
2006-07-18 12:44:06 · 4 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Are you advocating cessation from the country because your property taxes are too high? I could understand the outrageous insurance prices but that should be a revolt against the insurance companies. I live in the New Orleans area, the government is fighting the insurers as we speak to get them to honor the estimated 40% of the hurricane claims they are denying. In Louisiana, you only have 1 year to file a lawsuit so it is going to be interesting in the next month on how many lawsuits are filed last minute.
As far as your mortgage question, I think you should maintain the largest mortgage you could possibly afford and never pay it off. There are many reasons, the biggest of which is a mortgage is usually the cheapest money that you will ever be able to borrow. If you take into account, the tax deductions, the average family is missing out on the opportunity to become financially secure by paying the mortgages off too early.
I could go on but if you pick up a copy of this month's "Success at Home" business magazine, I belong to the featured company which is a leader in the mortgage and real estate markets. There is an excellant article on the myths about money and how to harness the power of your mortgage. Although you didn't buy the house yourself, if you are sitting on the equity it is like putting money under the mattress. It is nice to have but it is not doing anything to help you!
Good Luck!
2006-07-18 13:56:57 · answer #1 · answered by Sam B 4 · 2⤊ 0⤋
You do ought to personal it outright to furnish it as a present. once you've a private loan on your position then the monetary corporation owns your position, no longer you. you could't provide some thing that doesn't belong to you. you could't purchase a house in absolutely everyone else's call, thats unlawful. in case your toddlers are lower than age they could't legally purchase some thing besides. you need to be 18 to legally signal any contract consisting of buying a house or motor vehicle.
2016-12-01 21:15:40 · answer #2 · answered by Anonymous · 0⤊ 0⤋
our house paid for. 3 bedroom 2 full bath 5.7acres of land
2006-07-18 12:51:19 · answer #3 · answered by fife4life 2 · 0⤊ 0⤋
my parents own thier house, and it's really nice. we have 3 bed, 1 bath. Pretty small, but hey, we own it!
2006-07-18 14:04:57 · answer #4 · answered by sci fi fan 3 · 0⤊ 0⤋