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jodyangel

How can I best pay off my mortgage early??

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On ‎2‎/‎18‎/‎2019 at 10:18 AM, hegemony said:

do you have a budget? I mean a written budget?

 

we sat down, figured out a detailed budget and then figured out what it would take to PIF in 60 months.

No not a written one. We have decided to shop more carefully for our grocerys. But detailed budget? I'm not sure how to do that honestly.

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23 minutes ago, jodyangel said:

No not a written one. We have decided to shop more carefully for our grocerys. But detailed budget? I'm not sure how to do that honestly.

We did buy a new car cash two years ago when I was travel nursing. We're thinking we could sell it...probably make around $29,000. But then we hesitate as we'd be left with the 2008 Ford Ranger with no amenities. Having the new car is nice....but we don't honestly need two cars. I live near my work and hubby drives me there and picks me up. Hmmmmm..

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On 2/15/2019 at 3:53 PM, cv91915 said:

What was your housing situation before you agreed to repay a 30-year loan at age ~60?  

 

Do you have significant equity in the house?

 

When you retire you could sell the house and move to a smaller place (rent, perhaps), and/or somewhere with a lower cost of living.

 

Do you have equity in the new car that you bought?  How much?

?

 

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15 hours ago, jodyangel said:

What then????

Any suggestions? LOL no kidding...

Yes.  Talk to a professional financial planner.  You're the sole provider for your family, and you have a life-long dependent. 

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On ‎3‎/‎9‎/‎2019 at 6:41 AM, creditrepair2019 said:

How much life insurance do you have?  

not much. $65,000 x 1

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On ‎3‎/‎7‎/‎2019 at 5:53 PM, DollarDog said:

Yes.  Talk to a professional financial planner.  You're the sole provider for your family, and you have a life-long dependent. 

Ok is this something I can google? Financial planner. I have a 401K with a company...can they do it?

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21 hours ago, jodyangel said:

Ok is this something I can google? Financial planner. I have a 401K with a company...can they do it?

Look for a fee-based financial planner. 

 

This is a very serious situation. 

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On ‎3‎/‎11‎/‎2019 at 8:18 PM, DollarDog said:

Look for a fee-based financial planner. 

 

This is a very serious situation. 

Im sorry...but what is a Fee Based Financial planner? How do I look for one?

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On 3/29/2019 at 12:48 AM, jodyangel said:

What forum is this?

a forum with solid investment and other advice as you were asking about financial advice.,

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On 4/3/2019 at 7:57 PM, hegemony said:

a forum with solid investment and other advice as you were asking about financial advice.,

Yes...but isn’t that all tied together?

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On 4/3/2019 at 7:57 PM, hegemony said:

a forum with solid investment and other advice as you were asking about financial advice.,

I asked about paying my mortgage off early in a place called MOTGAGES. Wrong?

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It's been almost two months since you started this thread.  

 

How much extra principal did you pay with your 3/1 and 4/1 payment?

 

Do you have a written budget in place?  Or are you using YNAB now?

 

What have you learned about your life/disability insurance needs, and do you now have an advisable amount of coverage in place?

 

How much time have you spent reading Bogleheads?

 

Have you found a fee-based financial planner?

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Throw all your extra money at it, if paying it off early is your goal. My dh got a $5k bonus 2 years after we bought this house, and we put ALL of it towards the mortgage. That started the ball rolling. Now, with the extra money we've paid on it it over the years, we're on track to have it paid off around 7 years early. Not to shabby...

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5 hours ago, jodyangel said:

I asked about paying my mortgage off early in a place called MOTGAGES. Wrong?

I guess the suggestions you talk to a fee base planner or look into getting your financial house in order was a waste of your time. It sure was a waste of mine to bother thinking you were interested in help

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48 minutes ago, hegemony said:

I guess the suggestions you talk to a fee base planner or look into getting your financial house in order was a waste of your time. It sure was a waste of mine to bother thinking you were interested in help

Horse...trough...water...drink. 

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IMHO if you pass away ahead of him, the house can be sold, equity taken and he moves back to the UK

 

Bottom line, even if the mortgage is paid off - there are still expenses and you claim he'll have no $$ .. no SS and no income.

 

I may be missing something here however.

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