A Quote by Suze Orman
If you pay off your mortgage before retirement, you take a huge financial load off your shoulders. You also become eligible to take out a reverse mortgage once you turn 62.
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Pay off your mortgage before retirement, and that's one less bill you'll have to worry about when you're on a fixed income.
While a reverse mortgage can indeed be a viable way to generate income, it is very important to understand that after you take out a reverse mortgage, you will still be responsible for paying the property tax, the insurance premium, and all the maintenance costs for your home.
A reverse mortgage is available to anyone who is at least 62 years old and owns a home outright, or has a small mortgage balance remaining.
Especially if you're over 40, shortening the term of your loan to pay it off sooner could make you mortgage-free in retirement.
Bad karma is the spiritual debt one has accumulated for one's mistakes from all previous lives and this life. It includes killing, harming, taking advantage, cheating, stealing, and more. On Mother Earth, when you buy a house, you take out a mortgage from a bank. This mortgage is your debt to the bank. You pay every month for fifteen, twenty, or thirty years to clear your financial debt. In the spiritual realm, if you have bad karma, you may have to pay for many lifetimes to clear your spiritual debt.
I live in a Spanish-style hillside home in Los Angeles, California. I paid $900,000 in 1995. It's perhaps worth about $3m now. Thankfully, I paid off my mortgage before the crash because I could see it coming. I worried that I would be caught having to pay off a very high mortgage for a house I couldn't sell.
Some financial advisers say anyone who may move in less than seven years should not take out a reverse mortgage.
After you marry, every asset either of you acquires is jointly held. That's why you both need to be in sync on your long-term financial goals, from paying off the mortgage to putting away for retirement. Ideally, you should talk about all this before you wed. If you don't, you can end up deeply frustrated and financially spent.
In the first phase of shock over, say, your mortgage being called in or your job washed out, it's essential to engage with others and share the fear, release the feelings, do fun things to take your mind off it.
Maybe you'll take the cash out. So a credit card company or a bank that goes into the business of saying we're going to be the broker, we're going to sell you a mortgage that you're going to be able to pay off, we're going to help you reduce your credit card debt, we're going to help you save for retirement, we're going to put you into mutual funds that have low fees rather than high fees.
Take the years when you’re young – say, between the ages of fifteen and thirty-five, before you have a mortgage or kids or anything else that needs to be fed – and go balls out on intuition and follow your dreams. Dreams won’t always take you on a straight path to destiny, but they’re usually related to what your soul wants for you. They’ll force you to ask yourself the hard questions, they’ll kick your ass, and most importantly, they’ll turn you on.
If you're going to live in the house make it your goal to just pay off your mortgage.
Come here and take off your clothes and with them every single worry you have ever carried. My fingertips on your back will be the last thing you will feel before sleeping and the sound of my smile will be the alarm clock to you morning ears. Come here and take off your clothes and with them the weight of every yesterday that snuck atop your shoulders and declared them home. My whispers will be the soundtrack to your secret dreams and my hand the anchor to the life you will open your eyes to. Come here and take off your clothes.
You don't want to have so much money going toward your mortgage every month that you can't enjoy life or take care of your other financial responsibilities.
If you give up the guilt, that's a huge load off your shoulders.
The same with the mortgage brokers that were selling people mortgages they couldn't afford. We shouldn't pay them on each mortgage they write. They should have what they call "skin in the game," where they've got to reimburse us if the guy who sold the mortgage defaults.
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